MELBOURNE, Oct 11 (Reuters) – Australia’s competition regulator blocked Seven Group Holdings from bidding for pay-tv stakeholder Consolidated Media Holdings, clearing the way for Rupert Murdoch’s News Corp to go ahead with its $2 billion agreed offer.
Free-to-air television operator Seven, headed by rival media mogul Kerry Stokes, owns almost a quarter of Consolidated Media and wanted the firm for its stake in dominant pay TV-operator Foxtel and content provider Fox Sports.
The Australian regulator said any deal by Seven would make it too strong a bidder for commercial sports rights.
“The proposed acquisition would put Seven Network in a position of advantage over other free-to-air networks in relation to …. the acquisition of sports rights,” ACCC Chairman Rod Sims said on Thursday.
It “would significantly reduce the ability of Seven Network’s competitors to acquire such content,” he added.
http://in.reuters.com/article/2012/10/10/seven-accc-idINL3E8LA65W20121010