Competition watchdog the Australian Competition and Consumer Commission (ACCC) has launched a public review to investigate News Corp’s proposed purchase of APN News & Media’s regional division.    

The media giant out-bid other contenders including social media technology outfit Fetch Plus to purchase the assets for $36.6m, the deal includes 12 daily newspapers and 60 community newspapers.

The buy is subject ACCC approval, it says it will now move forward with the investigation.

The ACCC says, “The ACCC will commence a public review once it has received a submission and the transaction details from the parties.” 

News Corp’s interest in the regional assets has come under scrutiny given its increasing share across Australia’s newspaper landscape.

If the purchase is approved by the ACCC, this means News Corp will own the entire newspaper industry in Queensland, with the exception of Mt Isa’s North West Star, which is owned by Fairfax Media.   

But media pundits say News Corp did not purchase the assets to gain further control over Australia’s media industry, but rather because it was a bargain.

Columnist Mark Day says with annual earnings of around $20m APN sold the assets at a plummeted price of $36.6m, he contends decades ago it could have commanded $200m for the sale. 

ARM recorded a 27 per cent profit drop in March which APN chief executive Ciaran Davis says prompted the sell. 

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