Austar Confident Foxtel Deal Will Proceed; 1st Half Revenue Flat
28 Julio 2011 - 8:59PM
Noticias Dow Jones
The head of Austar United Communications Ltd. (AUN.AU) on Friday
said he's still confident the pay-TV company will be bought by
Foxtel despite the competition regulator's misgivings.
"I am confident that once the ACCC reviews our submissions there
will be a reasonable result," Chief Executive John Porter said in a
statement.
In its preliminary view of the A$2.5 billion deal, the
Australian Competition and Consumer Commission, or ACCC, last week
said it would substantially lessen competition in pay-TV services,
TV content and several markets for telecommunications products.
It has asked for further submissions from the companies before
it makes a final decision, due Sept. 8.
Austar on Friday also reported a large increase in net profit
for the six months to June 30 to A$88.7 million from A$20.7 million
a year earlier. The figure, however, includes a A$95.8 million gain
on the sale of spectrum licenses to Australia's national high-speed
broadband network and mobile sales.
Revenue was flat at A$351.8 million.
"This is due to the impact of natural disasters in regional
Australia earlier this year and increased promotions and credits,
offset by the continued growth in television subscribers and an
increase in average revenue per user," the company said in its half
year accounts.
Total subscribers of 764,250 at June 30 were up 8,609 from March
31.
Foxtel is owned jointly by Telstra Corp. (TLS), News Corp. (NWS)
and Consolidated Media Holdings Ltd. (CMJ.AU).
-By Ross Kelly, Dow Jones Newswires; 61-2-8272-4692;
Ross.Kelly@dowjones.com
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