The Australian Competition and Consumer Commission's green light for the $2 billion Foxtel takeover of Austar is the worst competition decision since Kim Beazley bested Paul Keating in cabinet in 1990 and gave us a vertically-integrated Telstra. Here's why ...

1. The good, old-fashioned analogue reason: size, financial strength, profits and subscriber numbers. The merged company will again underline the reality of that financial cliché -- the sum of the parts is larger than the whole. The merged company will be the largest broadcast media group in the country with more than 2.3 million subscribers, more than $1.8 billion in revenues and more than $800 million in earnings before interest, tax, depreciation and amortisation. It will dwarf the faltering profitability of the three FTA networks (Nine, Ten and Seven), plus Fairfax, APN and Southern Cross Austero. Its profit margin will be above 40%, and it will be all thanks to the ACCC, which has confirmed its long and undistinguished history of competition regulators in this country rolling over for the Murdochs and News Limited at crucial times.