Minority acquisition by IMC of Lebedev Holdings Limited and Scalable LP of IDMN merger inquiry
The CMA considered the completed minority acquisition by International Media Company (IMC) of Lebedev Holdings Limited (LHL) together with the completed minority acquisition by Scalable LP of Independent Digital Media News Limited (IDMN).
DCMS update
Further information on the CMA report, OFCOM report and full detials.
CMA reports to the Secretary of State
1 July 2019: The CMA has delivered its report on jurisdictional and competition matters to the Secretary of State (delivered on 28 June 2019).
Public Interest Intervention Notice
27 June 2019: Intervention notice given pursuant to Section 42 of the Enterprise Act 2002 in relation to the acquisition by International Media Company (IMC) of a 30% share in Lebedev Holdings Limited and by Scalable Inc of a 30% share in Independent Digital News and Media Ltd (IDNM) (“the acquisition”). This PIIN has been sent to LHL and IDNM.
On 13 June 2019 the Secretary of State wrote to Lebedev Holdings Limited (LHL) and Independent Digital News and Media Limited (IDNM), the owners of the Evening Standard and the Independent, to inform them that the Secretary of State was minded to issue a Public Interest Intervention Notice (PIIN) on the basis that he had concerns that there may be public interest considerations - as set out in the Enterprise Act 2002.
Having considered the representations provided in response to his “minded to” letter, the Secretary of State announced on 27 June 2019 his decision to issue a - (PIIN) under section 58 of the Act: “(2A) The need for (a) accurate presentation of news; and (b) freedom of expression”.
This PIIN triggers the requirement for the Competition and Markets Authority (CMA) to report to the Secretary of State on jurisdictional and competition matters, and for Ofcom to report on the media public interest considerations in section 58 of the Enterprise Act 2002: (2A) The need for (a) accurate presentation of news; and (b) free expression of opinion.
Both the CMA and Ofcom are to report back to the Secretary of State by 23 August 2019.
Secretary of State for Digital, Culture, Media and Sport – Minded to Notice.
On 13 June 2019 the Secretary of State for Digital, Culture, Media and Sport, announced he was “minded to” issue a public intervention notice regarding the completed minority acquisition by International Media Company (IMC) of Lebedev Holdings Limited (LHL) and the completed minority acquisition by Scalable LP of Independent Digital Media News Limited.
- Collection page: Acquisition of 30% stake in Lebedev Holdings Limited (13.6.19)
If the Secretary of State issues a public intervention notice regarding these transactions, the Secretary of State will request a written report from the Competition and Markets Authority (CMA) whether these transactions will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and on whether these transactions may be expected to result in a substantial lessening of competition.
CMA investigation
Statutory Timetable
| Phase 1 | Action |
|---|---|
| 13 June to 26 June 2019 | Invitation to comment (CMA competition assessment) |
The CMA is considering whether it is, or may be the case, that these transactions will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within the United Kingdom for goods or services.
Invitation to comment
The first stage of this investigation requires the CMA to issue an Invitation to Comment (ITC) on the acquisitions and interested parties are asked to provide their comments on the acquisitions by 26 June 2019.
Contact
Please send written representations about any competition or public interest to:
Updates to this page
Last updated 28 June 2019 + show all updates
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Link to Public Interest Intervention Notice sent to LHL and IDNM.
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First published.