March 9, 2017 / 8:15 PM / 8 months ago

New Zealand regulator delays decision on NZME takeover of Fairfax NZ

WELLINGTON, March 10 (Reuters) - New Zealand’s competition regulator delayed a decision on NZME Ltd’s takeover of Fairfax New Zealand, the companies said in a joint statement on Friday.

The companies’ statement said they agreed to a request from the New Zealand Commerce Commission (NZCC) extending the due date for a final decision from March 15 until April 11.

“There has been a significant amount of information provided to the NZCC,” the companies said.

“NZME and Fairfax believe this information further substantiates the key arguments set out in the original merger application, which support a clearance or authorisation being granted”.

The Commerce Commission flagged in a draft decision in November that the deal proposed an “unacceptable concentration of editorial power” as about 90 percent of the nation’s newspapers would be held by a single company. (Reporting by Tom Westbrook; Editing by Sandra Maler)

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