The Australian Competition and Consumer Commission will look into the recent purchase of billionaire Mr. James Packer's acquisition of an 18% stake in Ten Network Holdings Ltd. (ASX: TEN.AU).

A spokesperson told Dow Jones Newswires that the intention is to conduct a review of the matter, as there were growing concerns that this is a matter of curtailing competition.

The ACCC spokesperson further noted that details of the said review will be posted on the website.

In a related report on ninemsn Ten Network executive chairman Mr. Nick Falloon said they welcome the interest of Mr. Packer in the network.

''We welcome their interest in our company and a return to the free-to-air industry," Mr Falloon said.

''We do not propose to speculate on what has been in the newspapers.''

Ten yesterday announced a full year net profit of $150 million, a reversal from last year's $89 million net loss.