Australia’s competition regulator has given News Corp’s (ASX:NWS, NASDAQ:NWSA) proposed $2 billion bid to acquire Consolidated Media Holdings Limited (ASX:CMJ) the green light.

 

Both News Corp and Consolidated Media hold interests in Foxtel and Fox Sports Australia. 

 

The Australian Competition and Consumer Commission (ACCC) says given that News Corp has no interests in other free-to-air or subscription entities in Australia the takeover is unlikely to impact competition in the market. 

 

The ACCC has also advised it is continuing to assess a rival bid for Consolidated Media from Seven Group Holdings Limited (ASX:SVW). 

 

In the first half of the 2012 financial year News Corp recorded a net profit of $1.9 billion.