Verdict on Austar takeover delayed
THE competition regulator has delayed its decision on whether the $1.9 billion Foxtel acquisition of regional pay TV provider Austar should go ahead.
This afternoon, the Australian Competition and Consumer Commission (ACCC) said the announcement - which was planned for Wednesday - had been delayed ''at the request of Foxtel to allow it to make further submissions''.
The regulator said it would announce a new proposed decision date in due course.
Austar shares plunged in July after the ACCC raised concerns that the planned takeover of Austar by Foxtel could hurt competition.
The ACCC said it had a preliminary view the takeover would substantially lessen competition in pay TV, the market for buying programs, as well as for the supply of telecommunications products because Foxtel is half owned by Telstra.