Fairfax says regulator has concerns on rural deal

SYDNEY - Australian newspaper publisher John Fairfax Holdings today said it had offered to sell off some newspapers to calm fears about it gaining a monopoly position.

The offer is to address the concerns of Australia's competition regulator about its proposed A$2.8 billion ($3.2 billion) bid for regional media group Rural Press.

The Australian Competition and Consumer Commission is expected to consult the market on Fairfax's offer to sell some newspapers in the Newcastle and Hunter regions of New South Wales state, Fairfax said in a statement.

The proposed divestment is not expected to be financially material, and terms of the offer are subject to further discussions with the regulator, it added.

- REUTERS