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The Greens have unveiled a media reform package to consider the break up of big media corporations including News Corp and Nine, a crack down on “fake news” on social media, and extending tax deductibility status for media subscriptions.
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UPDATED | The competition watchdog will allow Fairfax Media’s $4 billion merger with Nine Entertainment to go ahead after deciding the move would not diminish competition in Australian news and media.
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Regulators will look at the merger of Fairfax Media and the Nine Network but it is unlikely to face any hurdles, Prime Minister Malcolm Turnbull says.
Nine Entertainment will merge Fairfax Media into its platform under a $2.2 billion deal that has stunned the Australian market.
Nine Entertainment has slipped to a first-half loss of $236.9 million after falling TV revenue and a big writedown against its free-to-air network.
Nine Entertainment has bounced back from last year’s huge loss with a full-year profit of $324.8 million, but warned that the outlook for the free-to-air TV ad market remains challenging.
