On 17 April 2020, the UK Competition and Markets Authority (“CMA”) approved the acquisition of TI Media Limited by Future Plc, subject to commitments. The deal created one of Europe’s largest magazine businesses, covering many well-known brands such as FourFourTwo, Ideal Home and Wallpaper*. RBB worked alongside the merging parties to rebut closeness of competition concerns between the parties’ magazine titles and foreclosure concerns arising from the vertical link between TI Media’s magazine distribution activities and Future’s magazine publishing activities. At the end of its Phase 1 investigation, the CMA concluded that the merger did not give rise to a realistic prospect of an SLC as a result of vertical effects and commitments were required to address horizontal concerns in a small number of overlapping markets. RBB advised Future alongside Simmons & Simmons.
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