Austar Says Remains Confident Of Closing Deal With Foxtel

Pay television company Austar United Communications Ltd. (AUN.AU) said Friday it remains confident that a 1.9 billion Australian dollar (US$2 billion) buyout by pay television company Foxtel will be successful.

"Austar remains committed to, and confident of, bringing the transaction with Foxtel to a successful close," Chief Executive John Porter said in a statement.

The company said it would seek court approval to postpone shareholder meetings relating to the acquisition to the end of March to allow time for Australia's competition watchdog, the Australian Competiton and Consumer Commission, to complete its review of the deal.

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

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

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