Feeds

Foxtel gets closer to Austar swoop

Regulatory approval still pending for monopoly

Mobile application security vulnerability report

The phone-hacking scandal might have slammed the brakes on Murdoch's bid for BSkyB in the UK, but in Australia Foxtel is getting closer to creating a national Australian Pay-TV monopoly with the acquisition of rival Austar.

Definitive agreements have been announced between Austar's parent company, Liberty Global, and the Murdoch-owned Foxtel, under which Foxtel will buy all of the issued shares in Austar for $1.52 per share. The announcement came following the meeting of conditions which had been outlined previously in an indicative, non-binding conditional proposal from Foxtel.

Under the new bid structure Liberty Global, the 54% owner of Austar, will buy the remaining shares in the company before selling Austar to Foxtel. Once completed the merged pay-TV platform will have revenues of more than $2.8 billion.

“A merged Foxtel and Austar would make compelling strategic sense and it would continue to invest and innovate in a superb digital service for consumers across Australia, including investing heavily in marvellous new original Australian content”, said Foxtel CEO Kim Williams.

The deal still needs to attain regulatory approvals including from the Foreign Investment Review Board and the Australian Competition and Consumer Commission, in addition to court and Austar minority shareholder approval.

The transaction will be funded by a combination of Foxtel bank debt and shareholder capital contributions in the form of subordinated shareholder notes. ®

The Power of One Brief: Top reasons to choose HP BladeSystem

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Amazon Reveals One Weird Trick: A Loss On Almost $20bn In Sales
Investors really hate it: Share price plunge as growth SLOWS in key AWS division
Bose says today is F*** With Dre Day: Beats sued in patent battle
Music gear giant seeks some of that sweet, sweet Apple pie
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Too many IT conferences to cover? MICROSOFT to the RESCUE!
Yet more word of cuts emerges from Redmond
Chips are down at Broadcom: Thousands of workers laid off
Cellphone baseband device biz shuttered
Twitch rich as Google flicks $1bn hitch switch, claims snitch
Gameplay streaming biz and search king refuse to deny fresh gobble rumors
prev story

Whitepapers

Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Seven Steps to Software Security
Seven practical steps you can begin to take today to secure your applications and prevent the damages a successful cyber-attack can cause.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.