Competition authority to carry out further analysis of Daily Star acquisition
UK’s Trinity Mirror group is acquiring a 50 per cent stake in the Irish Daily Star
Photograph: Trinity Mirror, now called Reach, agreed to pay £127 million (€144 million) in cash and shares to buy rival titles The Daily Express and Daily Star. Simon Dawson/Bloomberg
The Irish competition authority has decided to carry a “phase two” investigation into the proposed acquisition by the UK’s Trinity Mirror group of a 50 per cent stake in the Irish Daily Star.
Trinity Mirror, now called Reach, said in February it had agreed to pay £127 million (€144 million) in cash and shares to buy rival titles the Daily Express and Daily Star in the biggest shake up of the UK’s embattled newspaper industry in years.
The titles have been sold by Northern & Shell, the Richard Desmond-owned publisher and the deal includes a 50 per cent stake in the Irish Daily Star, which is co-owned by Independent News & Media (INM).
Following a preliminary investigation, the Competition and Consumer Protection Commission (CCPC) here said it had determined that further analysis is required “to establish if the proposed transaction could lead to a substantial lessening of competition in any market for goods or services in the State”.
“The CCPC’s role in reviewing mergers and acquisitions is to ensure that a proposed transaction does not substantially lessen competition in any market for goods or services in the State,” it said in a statement.
The regulator must make a final decision on the proposed transaction on, or before, October 23rd, albeit this deadline may change if the CCPC issues a requirement for Information.