Allens has advised Australian pay TV operator Foxtel on the competition aspects of its proposed tie-up with free-to-air television station Channel 10.
The deal cleared a major hurdle last week when the Australian Competition and Consumer Commission announced on 22 October 2015 that it would not oppose the deal.
The deal was also approved by the Australian Communications and Media Authority on the same day.
Under the deal, Foxtel will buy 15 per cent of Ten and Ten will buy 25 per cent of Foxtel's advertising agency MCN. Presto TV, which is part-owned by Foxtel, will also grant Ten an option to purchase a 10 per cent share of the company.
The deal is still subject to Foreign Investment Review Board approval and various other conditions.
Allens Partner Jacqueline Downes led the team on the competition law aspects of the matter. Partner Ian McGill led the team that advised on the ACMA approval, while Partner Kylie Brown led the firm's Corporate team on the matter.
Jacqueline said the deal was a significant one that would have a lasting effect on the Australian media landscape as it highlighted a new approach to regulating media markets in an era of increasing online competition.
'The firm has worked on two deals for Foxtel that relate to the changing media landscape. First was the Presto TV joint venture, and now this deal,' she said.
'The Federal Government is discussing media regulation once again, so we may see further media market acquisitions as media companies position themselves to be best placed in this rapidly changing sector.'
Allens legal team
Competition – Jacqueline Downes (Partner), Carolyn Oddie (Partner), Lincoln Verass (Associate), Theo Souris (Associate), Sophie Matthiesson (Associate), Chris O'Yang (Lawyer), Emma Gorrie (Lawyer), Molly Snaith (Lawyer).
Corporate – Kylie Brown (Partner), Anurag Verma(Senior Associate)
TMT – Ian McGill (Partner), Valeska Bloch (Managing Associate)
Notes for editors.
Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.