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Australian senate set to clear way for rival bid to CBS's Ten TV

Staff Writer |
Australian lawmakers were set to approve legislation on Thursday allowing the consolidation of media companies, clearing the path for a likely rival bid to CBS Corp’s proposed buyout of Ten Network Holdings after reaching a late-night deal on media ownership.

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Australia’s so-called “two out of three” rule, which prohibits one organization from owning all three media in any given city - newspapers, television and radio - would be removed under an agreement with influential independent senator Nick Xenophon, Retuers reported.

The government secured the deal with Xenophon after sitting late into the night on Wednesday, clinching his crucial block of three votes and paving the way for the bill to be approved on Thursday when the senate reconvenes.

“This has been the most difficult, protracted and robust set of negotiations in 20 years of being in parliament - state and federal,” Xenophon told reporters.

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