Media Release: Thursday, October 22, 2015
Foxtel CEO, Richard Freudenstein today welcomed the decision of the ACCC and the ACMA not to oppose the transactions that will see Foxtel acquire up to 15% of the shares in the Ten Network and the Ten Network purchase a 24.9% interest in MCN.
“These transactions will provide much needed capital for Ten and help it to grow revenues by building scale and enhancing services to clients by working with MCN,” said Mr Freudenstein.
“A stronger Ten will further enhance competition in an increasingly competitive local and international media industry.”
“The sales representation agreement, by which MCN is selling advertising for Ten, came into effect on 1 September. The teams are now integrated and working well to create better outcomes for clients of both Ten and Foxtel”, said Mr Freudenstein.
The proposed transaction remains subject to certain conditions and regulatory approvals, including by the FIRB.