All Ten's billionaires in ACCC investigation
By Colin Kruger
THE competition regulator has confirmed that its investigation into James Packer and Lachlan Murdoch's acquisition of Ten Network shares will also include the broadcaster's other billionaire shareholders, Gina Rinehart and Bruce Gordon.
But a document from the Australian Competition and Consumer Commission clearly puts the potential conflict between Mr Packer and Mr Murdoch's pay TV and free-to-air interests at the centre of its probe.
The commission even left open the possibility that Ten's other major shareholders might help ensure Ten was allowed to compete effectively against Mr Packer and Mr Murdoch's other, extensive, media interests.
In a letter inviting submissions last week, the ACCC detailed the concerns behind its investigation of the 18 per cent stake which had been split between Mr Packer's Consolidated Press Holdings and Mr Murdoch's Illyria.
''The ACCC notes that the overlap between CPH, Illyria and Ten occurs in relation to the provision of content to consumers, the acquisition of content and the provision of advertising opportunities to advertisers,'' said the commission, which will consider the competition issues in these three areas.
The ACCC noted CPH's extensive interests in Foxtel. Mr Packer's private company owns 25 per cent of the pay TV provider. He also has interests in a company that provide content to Foxtel, Premier Media Group (PMG), as well as managing the pay TV provider's advertising.
In addition to his media investments via Illyria, Mr Murdoch has Foxtel interests in his role as a director of News Corp.
The ACCC is seeking comment from the industry as to whether Mr Packer and Mr Murdoch's interest in Ten is ''likely to change the incentives of Ten and Premier Media and Foxtel to compete vigorously for the acquisition of premium sporting content or other content''.
The commission acknowledged the recent acquisitions by Ms Rinehart's Hancock Prospecting and Mr Gordon's Birketu, as well as Perpetual Investments' diminishing share, which easily exceed the Packer/Murdoch investment.
It invited comment on the ''likelihood'' that these shareholders would ''constrain'' Mr Packer and Mr Murdoch.
Interested parties have until next Friday to make submissions.