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Australian regulator blocks Seven bid for Conslidated
SYDNEY |
SYDNEY Oct 11 (Reuters) - Australia's competition regulator on Thursday blocked Seven Group Holdings from bidding for Consolidated Media Holdings, clearing the way for Rupert Murdoch's News Corp to go ahead with its $2 billion agreed offer.
Seven, headed by rival media mogul Kerry Stokes, owns almost a quarter of Consolidated Media and wanted the firm for its stake in dominant pay TV-operator Foxtel and content provider Fox Sports.
The Australian regulator said it was concerned any deal by Seven would give it an advantage in acquiring commercial sports rights.
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