The Australian Competition and Consumer Commission today issued a Statement of Issues in relation to the acquisition of Riverina Media Group by Fairfax Media Limited/Rural Press.
On 2 May 2007, Rural Press Limited acquired the Riverina Media Group. Fairfax acquired control of Rural Press on 9 May 2007. The ACCC was not informed of the acquisition by Rural Press and learned of the acquisition through the public announcement after its completion.
The acquisition has been reviewed taking into account Fairfax's subsequent acquisition of Rural Press.
"In this instance, Rural Press chose not to approach the ACCC in relation to its acquisition of the Riverina Media Group," ACCC Chairman, Mr Graeme Samuel, said today. "Parties proposing to undertake a merger or acquisition are strongly encouraged to approach the ACCC when a merger is contemplated and certainly before a merger is completed, particularly if the merger or acquisition could affect competition."
The ACCC has not finalised its competition assessment. The Statement of Issues seeks further information on a number of competition issues which have arisen from the ACCC's market inquiries. The focus of the Statement of Issues relates to aggregation of The Rural, a Riverina Media publication, with the former Rural Press publications The Southern Weekly Magazine and The Land Southern Extra. All of these publications have a greater Riverina / southern NSW agricultural focus.
The ACCC invites further submissions from the market focused on these matters by 30 August 2007. Submissions can be sent by email to the ACCC at: mergers@accc.gov.au. The ACCC anticipates making a final decision on the acquisition by 21 September 2007.
The Statement of Issues will be available on the ACCC's website, under Mergers. For more information regarding the ACCC's process and its assessment, please consult the ACCC's website.