ANACOM's opinion on the Cofina/Media Capital concentration operation
By decision of 31 October 2019, ANACOM approved its opinion on the concentration operation, which consists of Confina's planned acquisition of exclusive control over the Media Capital Group, following the request addressed to ANACOM by the Competition Authority (AdC), pursuant to number 1 of article 55 of the Lei da Concorrência https://dre.pt/web/guest/legislacao-consolidada/-/lc/115346788/201910031755/indice(Competition Law), in its current wording. The request was received on 4 October, with ANACOM having been given 20 business days to issue its opinion.
The opinion issued by ANACOM appraises the potential impact on the electronic communications market of the planned concentration operation, as proposed in the prior notification form sent to the AdC, taking into account the available information.
As presented in the prior notification, the operation in question consists of Confina's planned acquisition of exclusive control over Media Capital by the purchase from Promotora de Informaciones (PRISA) of the entire share capital of Vertix, a commercial company through which PRISA holds shares representing 94.69% of the share capital and voting rights of Media Capital, as well as the launch of Takeover Bid entailing shares representing the remaining 5.31% of the share capital of Media Capital.
Regarding the activities developed by Cofina, the notification mentions that this company's core business lies in the media area, dedicated to written and online press, in Portugal, through five newspapers and three magazines. Moreover, it notes that the company operates on a merely residual basis in the television sector through one television channel, available only on subscription television platforms, and that it also provides advertising spaces in the press, on the Internet and television. In turn, the notification states that Media Capital is primarily active in the sectors of television, radio, Internet advertising services, audiovisual production, and in a residual form, in musical and cinematographic distribution in Portugal.
While the prior notification form of the operation identified various relevant markets in Portugal based on the mentioned activities of Media Capital in this country, it further reveals that they do not fall under ANACOM's sphere of competence, and, as such, ANACOM, has not commented on its definition.
Thus, having analysed all the elements provided, no electronic communications markets were identified as potentially affected by the operation in question, with ANACOM having issued an opinion that the planned concentration operation does not raise relevant competition issues in the electronic communications markets.
