Austar Expects Foxtel Transaction To Be Finalized Early 2012

Austar United Communications Ltd. (AUN.AU) said Thursday it expects the 1.9 billion Australian dollar (US$1.98 billion) takeover of the company by fellow pay television operator Foxtel to be finalized by early next year.

Austar, which operates a pay television service in regional Australia, and Foxtel need approval from the Australian Competition and Consumer Commission before the deal can go ahead. The ACCC is due to make a decision by Nov. 30.

Austar said in a statement it has made further submissions to the ACCC addressing its concerns about the deal's impact on competition in the pay television sector.

Foxtel is 50% owned by Telstra Corp. (TLS), and 25% each by Consolidated Media Holdings Ltd. (CMJ.AU) and News Corp. (NWS), the owner of this newswire.

-By Gavin Lower, Dow Jones Newswires; 61-3-9292-2095; gavin.lower@dowjones.com

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