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How we helped
We advised Bauer Media Group (the #2 commercial radio station operator in the UK), in its acquisition of several UK local radio stations throughout the UK Competition & Markets Authority (CMA) Phase 1 and Phase 2 investigations. The decision to refer the merger to Phase 2 was based on several horizontal concerns in relation to national advertising on these local radio stations and vertical concerns regarding representation of local radio stations to national advertisers.
We liaised closely with the legal team and various personnel at Bauer Media to understand the merger rationale, gather relevant business data and conduct economic analysis to prove that the merger would not have the effect of substantially reducing competition. We worked closely with the clients to respond to various information requests from the CMA as well as proactively submitting a number of papers to show that the CMA’s concerns were not supported by the evidence, which were instrumental in driving a successful outcome for our clients.
All but one of the concerns (regarding national representation of local radio stations) were dismissed by the end of Phase 2 and the merger was cleared with behavioural remedies.