#header-inner img {margin: 0 auto !important; #header-inner {text-align: Center ;} Fiji Coupfourpointfive: Commerce says No to Fiji Sun

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Monday, September 13, 2010

Commerce says No to Fiji Sun

By the Fiji Broadcasting Corporation

Taken from / By: FBC News
The Commerce Commission says it will not allow a monopoly situation to develop in the media industry.

This is after the Fiji Sun expressed interest in buying the Fiji Times newspaper.

Fiji Sun CEO Peter Lomas told FBC News they had approached the Commerce Commission expressing their interest in buying out the company but this was turned down.

In an article yesterday the Fiji Sun says it would have run both papers as distinctly different entities.

Commerce Commission Chairman Dr Mahendra Reddy told FBC News he was first approached by Price Waterhouse Coopers partner Jenny Seeto - who is in charge of the sale – on the possibility of the buy out.

Dr Reddy says he was later approached by the Fiji Sun - and he informed them that this would not be allowed.

“This is a case of takeover - and merges and takeover which will result in a case of a monopoly entity cannot be cleared by the Commerce Commission. It is very clear that there are implications should it close but that’s besides the point. As far as the Commission is concerned we cannot allow merges or takeovers that will lead to a monopoly entity.”

Media reports have tipped the Motibhai Group of Companies as the front runner to buy the Fiji Times.

2 comments:

Anonymous said...

Willing buyer does not necessarily equate into willing seller.

Lot more at stake here for Rupert Murdoch (and others)than simply selling a paper.

Joe said...

I can see another decree coming up soon to over rule Dr Mahendra Reddy.