Australian watchdog approves Nine network, Fairfax merger

CANBERRA, Australia (AP) — Australia’s competition watchdog has approved the proposed merger of television network Nine Entertainment and newspaper publisher Fairfax Media into a media giant to be known only as Nine.

Australian Competition and Consumer Commission chair Rod Sims said on Thursday the merger reduced the number of corporations focused on Australian news from five to four. Nine was traditionally a free-to-air television network and Fairfax a quality newspaper publisher.

Sims says in a statement “the proposed merger was not likely to substantially lessen competition in any market.”

Fairfax shareholders have yet to vote on the merger plan that would give Nine shareholders 51.1 per cent of the combined entity and make Nine chief executive Hugh Marks leader of the new company.

Fairfax shareholders will own the remaining 48.9 percent.

Categories: International News