News' stake in NMG legitimate: NBTC

MONDAY, JUNE 29, 2015
News' stake in NMG legitimate: NBTC

The National Broadcasting and Telecommunications Commission's broadcasting panel voted Monday that News Network Corp's minority stake in Nation Multimedia Group was legitimate.

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.