IMDA Act amended to expand approval requirements for media sector ownership changes.
The Info-communications Media Development Authority (Amendment) Bill expands the scope of transactions requiring prior IMDA approval. Approval is now required for any person acquiring 30% or more equity/voting power, gaining effective control, or taking over a regulated person's media business as a going concern.
Why it mattersLawyers advising on M&A in the media sector must now account for a broader trigger for mandatory regulatory approval regardless of whether the acquirer is itself a regulated person.