Merger to monopoly: NewsCorp/Telepiù
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چکیده
Under what circumstances should a competition authority allow a merger that creates a monopoly? As competition policy is predicated on the need to protect consumers from market power, the presumption might be that such a merger should never be allowed. However, there are circumstances in which a merger to monopoly can be the best available option. The European Commission’s recent clearance (subject to undertakings) of the merger of the two competing satellite operators in the Italian pay-TV market (Stream, jointly owned by NewsCorp and Telecom Italia, and Telepiù, owned by Vivendi) provides a pertinent example. The acquisition of Telepiù by NewsCorp will create a single unified satellite platform (to be branded Sky Italia), controlled by NewsCorp and with Telecom Italia as a minority shareholder (with a share of just under 20%).
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