Under the rules governing the awarding of digital TV licences, a major shareholder is not allowed to hold more than 10 per cent of other companies in the same licence category.
News Network, formerly Solution Corner (1998), owns a news channel - Springnews. It now owns 12.27 per cent in NMG which owns another news channel - Nation channel.
Three members of the panel said the shareholding does not breach the rule. Two voted against it.