Ireland to review media merger laws – minister

Competition

The Irish government is setting up an advisory group to review legislation governing media mergers, the minister for enterprise, trade and employment said.

“I believe that it is appropriate in the context of the current review of the Competition Act 2002 to have a specific look at the existing criteria and arrangements for considering and assessing how a proposed merger might affect the diversity of views and the concentration of ownership within and across media businesses,” Minister Micheal Martin said in a statement on Sunday.

The Observer newspaper reported that Irish billionaire Denis O’Brien plans to buy Dublin-based newspaper owner Independent News & Media and sell its loss-making UK title, The Independent. O’Brien has criticized IN&M’s management harshly in the past year, alleging cronyism at the company which is dominated by the O’Reilly family, who in turn branded O’Brien a “dissident shareholder” on Thursday.

Executive Chairman Anthony O’Reilly owns almost 27% of the company and his son Gavin is chief operating officer. O’Brien owns 21% of the group. The company has argued that the rules that prevent individuals or companies from owning large cross-holdings in print and radio needed to be tightened, the Irish Examiner newspaper said.

The Department of Enterprise however denied that its inquiry had been spurred by IN&M’s actions, adding that it had been planning the announcement for weeks, the Irish Times reported. (Reuters)

ADVERTISEMENT

Business confidence falls slightly in June Analysis

Business confidence falls slightly in June

Lawmakers approve 2022 budget Parliament

Lawmakers approve 2022 budget

Duncan Graham reelected as BCCH president Appointments

Duncan Graham reelected as BCCH president

Budapest launches revamped coupon card for visitors City

Budapest launches revamped coupon card for visitors

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.