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Wednesday, October 10, 2012

Australian regulator blocks Seven bid for Conslidated, (NASDAQ: NWSA)

Australia's competition regulator on Thursday blocked Seven Group Holdings from bidding for Consolidated Media Holdings, clearing the way for Rupert Murdoch's News Corp to go ahead with its $2 billion agreed offer. Seven, headed by rival media mogul Kerry Stokes, owns almost a quarter of Consolidated Media and wanted the firm for its stake in dominant pay TV-operator Foxtel and content provider Fox Sports.The Australian regulator said it was concerned any deal by Seven would give it an advantage in acquiring commercial sports rights.

News Corporation is a diversified global media company. Shares of NWSA fell by 1.14% or $-0.28/share to $24.34. In the past year, the shares have traded as low as $15.93 and as high as $25.45. On average, 14354100 shares of NWSA exchange hands on a given day and today's volume is recorded at 24783558.