The CMA has decided to consider in detail whether to accept undertakings offered by Immediate Media instead of referring its acquisition of a number of magazines from Future Publishing for a phase 2 merger investigation.
Immediate Media and Future Publishing both publish specialist print magazine titles across a wide range of subjects.
Last month, the Competition and Markets Authority (CMA) announced that the completed acquisition by Immediate Media Company Bristol Limited of a number of magazines from Future Publishing Limited, could give rise to a substantial lessening of competition in relation to magazines in two specialist areas, genealogy and needlecraft.
As a result, Immediate Media has proposed undertakings to the CMA to divest a range of assets in the affected markets in order to remedy the substantial lessening of competition identified by the CMA. The CMA considers that there are reasonable grounds for believing that the undertakings offered by Immediate Media, or a modified version of them, might be accepted by the CMA.
The CMA now has until 6 January 2015 to consider whether to accept the undertakings, or a modified version, although it may decide to extend this deadline to 3 March 2015. As part of this process, the CMA will issue a public consultation on whether the proposed undertakings will offer an adequate remedy. If the undertakings are not accepted the merger will be referred for a phase 2 investigation.
Please see the case page for more information.