CMA says Future’s acquisition of TI Media does not raise competition concerns
The Competition and Markets Authority (CMA) has approved Future’s acquisition of TI Media, saying it “does not raise competition concerns”.
In October 2019, the publisher said it planned to acquire magazine printer TI Media, which owns popular titles Country Life and Marie Claire, for £140m in cash.
After completing its initial investigation, the CMA found that Future and TI Media compete in photography and football magazines, as well as technology websites. It said “The two businesses would, together, hold a very strong position in these markets after the merger, with few alternatives for customers and advertisers.”
“The CMA is therefore concerned that customers who read football or photography magazines, or who use or advertise on technology websites, could face higher prices or lower quality products.”
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Colin Raftery, CMA Senior Director of Mergers, said: “If Future were to hold all of these titles, there’s a real risk that these readers of football and photography magazines could end up paying more for lower quality products because of the lack of choice in the market.”
The regulator said the two companies have five days to address its concerns before it is referred to an in-depth investigation.
In a statement, Future said: “We are now in discussion with the CMA on the potential remedies to be offered to mitigate these competition issues with a view to agreeing a basis on which we can complete the acquisition as soon as we practically can.”