The ACCC has no big issues with Foxtel’s plan to buy a large chunk of Network Ten.

The competition watchdog has allowed a deal that will see Foxtel – owned largely by News Corp and Telstra – pick up a 15 per cent stake in the embattled free-to-air broadcaster.

“The ACCC considers that the proposed acquisitions, on their own, are unlikely to result in a substantial lessening of competition,” ACCC chairman Rod Sims said in a statement this week.

Sims did warn that any future attempts to increase shareholdings would come under close scrutiny.

He also used the deal as a platform to push once again for long-awaited media reforms designed to remove concerns about competition.

“Any future regulatory reform should promote greater competition in the media industry. Existing regulations may no longer be effective,” Mr Sims said.

“For example, the reach rule continues to limit a person from controlling television broadcasting licences that reach over 75 per cent of the population even while commercial free-to-air television networks are now able to stream their services nationally.”

Ten will be paid in part in the form of stakes in the Foxtel-owned advertising firm MCN and on-demand streaming site Presto.

While the deal creates a new incentive for Ten and Foxtel to offer bundled advertising packages across both the networks, the ACCC said it was not an issue.

Rupert Murdoch’s son Lachlan Murdoch was already one of Ten's largest single shareholders, as well as co-chairman of News Corp.

The Australian Communications and Media Authority (ACMA) had previously raised concerns that the deal would leave Lachlan Murdoch in breach of the ‘two-out-of-three rule’, but it now says it has no such concerns.

Executives at Ten appear pleased about the deal that should help the network reduce its near-terminal mound of debt.

“By entering into the transaction with Foxtel ... Ten will receive the capital it needs to continue its turnaround,” Ten chairman David Gordon said.

“Through the arrangements with MCN, our advertising clients will receive the benefit of new efficiencies, improved data capability and broader integration opportunities.”