Representational Image Representational ImageA merger of New Zealand’s two largest media companies was rejected today as the country’s competition watchdog warned it would create a dominant news giant and threaten democracy. NZME and Fairfax Media NZ signed a merger agreement last September, hoping it would boost their ability to compete with global online giants such as Facebook and Google. It stood by a preliminary decision issued in November to boycott the move, saying such concentrated media ownership was unprecedented in modern times. NZME owns the New Zealand Herald, which has the second largest news website, and a string of radio stations. “Further publishing frequency changes (of newspapers) and consolidation of titles is an inevitability.” NZME shares were down 5.62 percent at NZ$0.84 in early trade in New Zealand.

Source: Indian Express May 03, 2017 01:41 UTC