Feeds

Foxtel gets closer to Austar swoop

Regulatory approval still pending for monopoly

Build a business case: developing custom apps

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. ®

Boost IT visibility and business value

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Fast And Furious 6 cammer thrown in slammer for nearly three years
Man jailed for dodgy cinema recording of Hollywood movie
Caught red-handed: UK cops, PCSOs, specials behaving badly… on social media
No Mr Fuzz, don't ask a crime victim to be your pal on Facebook
Barnes & Noble: Swallow a Samsung Nook tablet, please ... pretty please
Novelslab finally on sale with ($199 - $20) price tag
Ballmer leaves Microsoft board to spend more time with his b-balls
From Clippy to Clippers: Hi, I see you're running an NBA team now ...
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
Assange™: Hey world, I'M STILL HERE, ignore that Snowden guy
Press conference: ME ME ME ME ME ME ME (cont'd pg 94)
prev story

Whitepapers

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.
5 things you didn’t know about cloud backup
IT departments are embracing cloud backup, but there’s a lot you need to know before choosing a service provider. Learn all the critical things you need to know.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?