SYDNEY, AAP – Australia’s competition regulator says it will not oppose Seven West Media’s proposed acquisition of regional operator Prime Media.
The Australian Competition & Consumer Commission on Thursday ruled the planned takeover will not lessen competition or choice for advertisers and consumers.
“This is because Seven West Media and Prime are not particularly close competitors in the supply of advertising opportunities or the supply of media content, and other competitors will constrain the merged entity,” ACCC chair Rod Sims said.
The competition watchdog had also green-lighted a similar proposal by Seven to acquire Prime in 2019, which ultimately did not find support among Prime’s shareholders.
The two parties returned to the table earlier this year, with Seven West in November announcing a $132 million deal to acquire the regional broadcaster under which Seven West will acquire Prime’s business and assets as a going concern.
Most of Prime’s broadcast content is currently supplied by Seven West Media.