The Commerce Commission has stressed that it has not allowed Fiji Sun Limited to purchase the Fiji Times although Fiji Sun had said that it would run the newspapers as two distinctly different entities.
Commission Chairman, Doctor Mahendra Reddy said it still would mean that Fiji Sun Limited would have a monopoly in the print media industry in Fiji, and that cannot be allowed.
Doctor Reddy said if Fiji Sun would have purchased the Fiji Times they would have also dominated the news and advertising market as far as the mainstream print media is concerned.
With just 15 days to go for the deadline for News Limited to expire to sell off 90 percent of it's shares in Fiji Times, the Commerce Commission has revealed that it has informed the sale agents for News Limited that Fiji Sun Limited cannot purchase the Fiji Times.
Commission Chairman, Doctor Mahendra Reddy confirmed that Pricewaterhouse Coopers, the agents to sell off Fiji Times approached the Commission after an expression of interest to buy off Fiji Times was received from Fiji Sun Limited.
He said the Commerce Act 1998 clearly states that the Commission is to decide on any merger or takeover, ensuring that there is no one entity becoming a monopoly in a particular industry.
It has also been confirmed that Fiji Sun Limited also made an informal approach to Doctor Reddy as it was still interested in buying Fiji Times.
However Doctor Reddy said the decision of the Commission stands and there will be no changes.
Pricewaterhouse Coopers Jenny Seeto who is the main sale agent for Fiji Times has already confirmed to Legend FM News that they are working with News Limited to secure a buyer within the set time frame. Stay with us we will have more on this issue later today.
Story by: Vijay Narayan
Feature
It cannot be allowed - Reddy
