The Australian Competition and Consumer Commission (ACCC) announced that it would not oppose the proposed acquisition by News Corporation (News Corp) of 100% of the shares in Consolidated Media Holdings Limited (CMH).

The bid has also been backed by billionaire James Packer, who owns 50% of Consolidated. As per the terms of the deal, News Corp will get a 50% stake in pay-TV network Foxtel and full ownership of the Fox Sports business in Australia. It will also get broadcast rights to the most popular football codes.

Packer will give up the last media asset he inherited on the death of his father Kerry in 2005 and get cash to expand his gaming empire by increasing his stake in casino operator Echo Entertainment Group Ltd.