Conrad Black boosts stake in Australian news group p.

By: Editorial Staff

Conrad Black boosts stake in Australian news group p.
THE AUSTRALIAN GOVERNMENT has cleared the way for Canadian publisher Conrad Black to boost his stake in Australia's second-largest newspaper group to 25%.
Black's British-based Telegraph PLC acquired a 15% stake two years ago in John Fairfax Holdings Ltd., whose newspapers include the Sydney Morning Herald, the Melbourne Age and the Financial Review.
But foreign investment rules prevented Telegraph from acquiring more shares.
"The government has decided to increase the maximum permitted foreign interest involvement in mass circulation newspapers by a single shareholder to 25%," said treasurer John Dawkins.
Dawkins said the decision "reflects the valid need of foreign investors to safeguard their financial and managerial commitment to their newspapers."
Black applied for permission to raise Telegraph's stake earlier this year.
This triggered opposition from many groups and individuals, including some members of the Labor government, the minority Australian Democrats party, former prime minister Malcolm Fraser and the Australian Council for Trade Unions.
All of the parties raised concerns that Australia's print media would be dominated by foreigners.
Australia's largest newspaper group is News Ltd., owned by Australian-born Rupert Murdoch, who has become a U.S. citizen.
"While the Telegraph will be the largest single shareholder in Fairfax, Australian investors will still hold the majority of shares in Fairfax," Dawkins said.