By Gavin Lower

MELBOURNE--Australia's competition regulator said Wednesday it will review News Corp.'s (NWS) proposed 1.97 billion Australian dollar (US$2 billion) takeover of Consolidated Media Holdings Ltd. (CMJ.AU).

Rod Sims, Chairman of the Australian Competition & Consumer Commission, said in an interview that News Corp. had been told the watchdog would review the deal. He said of the deal that "there's no flashing red lights at the moment."

The commission's website said submissions from interested parties were due by July 11, and that it proposed to announce its findings on August 2.

Write to Gavin Lower at gavin.lower@wsj.com

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