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Postmedia Network Canada Corp.’s proposed acquisition of 173 English-language Sun Media publications was given a green light by Canada’s Competition Bureau Wednesday, paving the way for the creation of what will become the country’s largest digital news and newspaper organization.

In a news release announcing its “no action” decision, the bureau said that it concluded after a five-month review of the proposed takeover, that the sale is unlikely to substantially lessen competition in the media marketplace.

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“Our review concluded that there would not be significant anti-competitive effects for readers or advertisers arising from the proposed transaction,” said John Pecman, the bureau’s commissioner.

The decision was seen by industry watchers as recognition of how rapidly and significantly the media industry has evolved in the last two decades. Although the deal combines the ownership of the most dominant news organizations in several major cities including Ottawa, Calgary and Edmonton, Postmedia made the case that its fiercest competition for advertising dollars is now foreign-owned companies operating on digital platforms, including Google Inc. and Facebook Inc.