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Jul 29

Austar confident Foxtel deal will go ahead

Takeover target Austar remains confident rival Foxtel can overcome competition hurdles to secure its $2 billion takeover of the company, it said today as it reported flat first-half revenues and subdued subscriber growth.

Austar posted a more than three-fold increase in first-half profit but warned the outlook for pay-TV subscriber growth looked challenging for the rest of the year.

The regional pay-TV group said it remained committed to the Foxtel takeover which is subject to further inquiries by the Australian Competition and Consumer Commission (ACCC) after the regulator expressed concerns about the deal, driving down the company’s shares.

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