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Thursday, October 22, 2015

Australia approves News Corp buy-in to struggling Ten Network, (NASDAQ: NFLX)

Australia's antitrust regulator cleared News Corp cable firm Foxtel's bid to purchase 15 percent of free-to-air broadcaster Ten Network Holdings Ltd , and backed industry calls for an overhaul of "redundant" media ownership laws.The decision is a reprieve for Ten as it battles competition from online services like Netflix Inc and prepares to report what analysts expect will be an annual net loss of A$30 million ($21.69 million) on Monday, its third consecutive yearly loss.It also represents a shift in the Australian Competition and Consumer Commission's (ACCC) thinking, after the regulator initially warned the deal could give the Rupert Murdoch-controlled Foxtel and Ten an unfair advantage in the all-important market for live sports. ACCC Chairman Rod Sims told Reuters that while the deal would align the interests of the two firms, it would not create a "substantial lessening of competition" because they were still separate entities.

Netflix, Inc. is a provider of Internet television network. Shares of NFLX fell by 1.04% or $-1.03/share to $97.96. In the past year, the shares have traded as low as $45.08 and as high as $129.29. On average, 21629100 shares of NFLX exchange hands on a given day and today's volume is recorded at 13759583.