SYDNEY -- Oz paybox Foxtel has made a bid for its regional partner Austar, which values the company at $A1.9 billion ($2 billion). The deal would give Foxtel greater control of the feevee market Down Under. It would also benefit subscribers, Foxtel claimed. "Foxtel believes a merger of Foxtel and Austar would bring significant benefits to consumers (including) faster rollout of new digital products and services, and access to new digital subscription channels as well as packages and pricing to regional subscribers," Foxtel stated in a statement. The two parties have been courting for weeks, and a statement released to the market by Austar suggested there was no hostility. "Austar intends to work with Foxtel over the coming weeks to satisfy the conditions upon which the proposal has been made so the parties can enter into a definitive transaction," the regional feevee operator said. It must also pass tests from the Australian Competition and Consumer Commission and the Foreign Investment Review Board.
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Source: http://www.variety.com/article/VR1118037643?categoryid=3947&cs=1&cmpid=RSS%7CNews%7CLatestNews
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