MELBOURNE, March 17 Australia's competition
watchdog cleared broadcaster Southern Cross Media's
A$741 million ($725 million) offer for radio group Austereo
on Thursday, the first of three media deals under
The takeover would give the merged group radio coverage in
major cities and regional areas, improving access to
"The ACCC found that due to the presence of existing
competitors, the proposed acquisition would not be likely to
substantially lessen competition in any other markets where
Southern Cross and Austereo operate," the Australian Competition
and Consumer Commission said.
These include advertising markets across other regions of
Australia and the supply and acquisition of radio broadcasting
content," the ACCC added.
The offer is due to close on April 6.
($1 = 0.978 Australian Dollars)
(Reporting by Sonali Paul; Editing by Balazs Koranyi)