Mergers - Case 23

Styria/Moser Holding: Assessment of conglomerate effects of a regional newspaper merger between Styria und Moser Holding including indications on media diversity effects

Planned Austrian newspaper merger between Styria and Moser Holding. The Austrian Cartel Court commissioned us to investigate the potential effects of the regional newspaper merger on competition and media diversity. The merger assessment focussed on vertical and conglomerate effects since the parties displayed hardly any horizontal overlaps. The theories of harm put forward by the Federal Competition Office - crowding out and increase of market entry barriers - were tested using structured industry interviews as well as empirical analysis of media data. The merging parties withdrew their plans due to internal reasons.