Australian-Media.com.au News

• ACCC to investigate the acquisition of Southern Cross Broadcasting

  July 24 2007 11:24am (UTC+8)  -  Article by Kevin

  The Chairman of the Australian Competition and Consumer Commission (ACCC), Graeme Samuel, has announced that the ACCC will be conducting a full competition assessment of Macquarie Media's proposed acquisition of Southern Cross Broadcasting.
  
  The Australian Communications and Media Authority (ACMA) announced on Friday that it has approved applications from Macquarie Media Group to acquire Southern Cross Broadcasting and has accepted undertakings from Macquarie Media Group which require certain divestitures under the Broadcasting Services Act 1992.
  
  Mr Samuel says, "Macquarie Media Group chose to seek approval for its proposal from the ACMA before the ACCC was able to commence market inquiries and undertake a comprehensive assessment of any competition issues."
  
  "The ACCC would prefer to carry out its inquiries concurrent with the ACMA process as this is likely to be more efficient. However, this is dependant on the merging parties providing the ACCC with the appropriate information and in this case, the ACCC has not yet received all of the necessary information from Macquarie Media Group"
  
  "While the ACMA's assessment of the proposal has concluded, the ACCC has a separate role in assessing the proposal for any impact on competition under the Trade Practices Act 1974."
  
  The ACCC is also assessing Fairfax's proposed acquisition of Southern Cross Broadcasting's metropolitan radio stations and the Macquarie Media acquisition of several regional radio stations from Fairfax.
  
  Australian-Media.com.au