Foxtel’s Ten investment given greenlight

Australia’s Foreign Investment Review Board has okayed Foxtel’s investment in commercial broadcaster Network Ten.

The FIRB has told Ten it will not oppose the deal, which will see local pay TV market leader Foxtel becoming a 15% shareholder in free-to-air rival Ten, with the latter concurrently taking a 24.99% share in Foxtel-backed ad firm Multi Channel Network.

The deal will hand cash-strapped Ten A$77 million (US$55 million) to service debts.

The latest regulatory greenlight comes after the Australian Competition and Consumer Commission and the Australian Communications and Media Authority both gave the agreement their blessings.