#header-inner img {margin: 0 auto !important; #header-inner {text-align: Center ;} Fiji Coupfourpointfive: Breaking story: Fiji Sun cannot purchase Fiji Times

Monday, September 13, 2010

Breaking story: Fiji Sun cannot purchase Fiji Times

By Vijay Narayan for FijiVillage
Published today at 8.07am

With just 15 days to go for the deadline for News Limited to expire to sell off 90 percent of it's shares in Fiji Times, the Commerce Commission has revealed that it has informed the sale agents for News Limited that Fiji Sun Limited cannot purchase the Fiji Times.

Commission Chairman, Doctor Mahendra Reddy, confirmed that Pricewaterhouse Coopers, the agents to sell off Fiji Times approached the Commission after an expression of interest to buy off Fiji Times was received from Fiji Sun Limited.

He said the Commerce Act 1998 clearly states that the Commission is to decide on any merger or takeover, ensuring that there is no one entity becoming a monopoly in a particular industry.

Doctor Reddy said in this case, Fiji Sun would have become the monopoly player in the print media industry in Fiji if it was allowed to purchase the Fiji Times.

It has also been confirmed that Fiji Sun Limited then made an informal approach to Doctor Reddy as it was still interested in buying Fiji Times.

However Doctor Reddy said the decision of the Commission stands and there will be no changes.

Pricewaterhouse Coopers Jenny Seeto who is the main sale agent for Fiji Times has already confirmed to Fijivillage that they are working with News Limited to secure a buyer within the set time frame.

1 comment:

Joe said...

Thank God for that. What, of substance , is there to read in the Fiji Sun these days anyway, apart from "masi polo" stuff.