Friday February 15 2019
News Source: Global Disclosures
Focus: Foreign Investment
Foreign stakeholders with company interests of 2.5% or more in an Australian media company must notify the Australian Communications and Media Authority (“ACMA”) from 28 February 2019.
An Australian media company is considered to be either, a:
- licensee of a commercial television or radio broadcasting licence; or
- publisher of a newspaper associated with a commercial broadcasting licence area.
Who has to submit a notification
Any foreign person (as defined by the Foreign Acquisitions and Takeovers Act 1975) with interests of 2.5% or more in an Australian media company, is required to notify the ACMA. Persons acting on behalf of foreign stakeholders— such as executors and administrators of estates, and liquidators of corporations—are also required to notify the ACMA if the entity they represent is subject to the notification requirements. Civil penalties exist for failing to comply.
When to make a notification
- Initial disclosure – a person who was a foreign stakeholder as at 1 September 2018 has until 28 February 2019 to make this initial notification;
- Changes of foreign stakeholder status – foreign persons who acquire, or cease to hold, company interests of 2.5% or more in an Australian media company must notify the ACMA within 30 days of doing so.
- Annual reporting – all foreign persons holding company interests of 2.5% or more in an Australian media company as at 30 June must notify the ACMA within 30 days of the end of that financial year.
Method of Reporting
Notifications can be made via the ACMA website here.
For information on the Register of Foreign Owners of Media Companies, click here
Click on the above link for more information.