Australian Shares News Austar United (AUN)

Australian Shares News Austar United (AUN)|ASX AUN StocksAustar United (ASX:AUN) is the largest provider of pay TV in regional and rural Australia, with around 730,000 customers receiving the company’s primary service of satellite digital television.

AUN was dealt a blow on Friday after the ACCC blocked Foxtel’s takeover for the group.

In blocking the bid, the competition regulator warned that a Foxtel-Austar tie-up would substantially reduce competition in the pay-TV market.

The ACCC denied that the decision was related to the Newscorp (NWS) phone hacking scandal.  Foxtel is 25% owned by NWS.

A final decision on the bid will be made on 8 September, although it is unlikely the ACCC will change its mind.

AUN shares sank 16.2% on the day, making it one of the worst performers in the stock market.

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