Competition Office OKs Axel Springer-Ringier union
Hungary's Competition Office (GVH) said it approved a merger of the Hungarian businesses of media giants Axel Springer and Ringier. "No competition problems could be identified" with the merger, GVH said.
It added that the market players it had asked also did not express any real concerns about the merger. The Media Council of Hungary's National Media and Infocommunications Authority (NMHH) gave preliminary approval for the merger in May.
Axel Springer and Ringier withdrew a request for approval from the GVH to consolidate their holdings in Hungary in the spring of 2011 because the merger was opposed by the Media Council, whose decision is binding for the antitrust authority. Since that time, the companies have taken steps to part with some assets in their Hungarian portfolios to comply with competition requirements.
In January, they announced the sale of broadsheet Népszabadság, business daily Világgazdaság, sports daily Nemzeti Sport and eight regional dailies to Vienna Capital Partners.
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.