commiss decis april declar concentr compat common market eea agreement case comp newscorp telepiù notifi document number english text authent text eea relev ec commiss european commun regard treati establish european commun regard agreement european econom area articl thereof regard council regul eec decemb control concentr undertak amend regul ec articl thereof regard commiss decis decemb initi proceed case undertak concern opportun make view object rais commiss regard opinion advisori committe concentr regard final report hear offic case octob commiss receiv notif pursuant articl regul eec merger regul propos concentr undertak new corpor limit australia hereinaft newscorp acquir control mean articl merger regul special purpos vehicl compani italian pai tv telepiù spa stream spa hereinaft telepiù stream purchas share telepiù stream merg activ combin direct home dth satellit pai tv platform telecom italia spa italian telecom incumb hereinaft telecom italia hold minor stake combin pai tv platform examin notif set undertak submit newscorp octob commiss conclud novemb notifi oper fell scope merger regul rais doubt compat common market eea agreement commiss decid initi proceed accord articl merger regul januari set undertak submit newscorp oral hear held march march final set undertak submit newscorp advisori committe discuss draft decis march parti newscorp media compani activ usa canada europ australia latin america pacif basin newscorp activ includ product distribut motion pictur tv program tv satellit cabl broadcast public newspap magazin book product distribut promot advertis product servic develop digit broadcast develop condit access subscrib manag system creation distribut line program telepiù oper analogu pai tv platform telepiù oper pai tv broadcast digit satellit dth lesser extent cabl telepiù broadcast digit terrestri televis dtt technic test basi area italian territori telepiù sole control vivendi univers sa telepiù oper subsidiari europa tv spa prima tv spa respons editori activ telepiù channel purchas tv right sport event film hold concess analogu terrestri broadcast authoris satellit digit broadcast omega tv spa respons hous programm product manag telepiù digit satellit pai view offer atena servizi spa technic administr servic digit platform purchas broadcast right channel produc parti offer platform final telecar spa compani control atena servizi respons call centr stream incorpor start oper pai tv platform itali transmit dth stream oper servic provid distribut pai tv programm oper present stream oper digit technolog transmit signal satellit lesser extent cabl prior mid sharehold stream telecom italia newscorp cecchi gori group finmavi spa cgg sd società diritti sportivi srl sd mid authoris commiss stream jointli control newscorp telecom italia fifti fifti basi support sharehold agreement ii concentr propos concentr involv acquisit sole control newscorp telepiù stream aim pursu combin busi effect octob newscorp telecom italia enter quot share purchas agreement quot vivendi univers sa group canal sa canal europ bv collect refer vivendi group provid acquisit share telepiù newscorp special purpos vehicl wholli own stream simultan newscorp telecom italia enter quot framework agreement quot intend provid fund stream ii redefin interest respect role stream stream incorpor capitalis own subsidiari stream special purpos vehicl carri acquisit telepiù iii govern futur relationship sharehold stream relat particip special purpos vehicl oper set combin dth pai tv platform merg activ stream telepiù final quot sharehold agreement quot attach framework agreement govern relationship newscorp telecom italia sharehold stream telecom italia particip combin platform newscorp particip investor join sharehold structur mere financi interest share purchas agreement state investor assum individu jointli power control combin platform exert influenc definit busi polici particip design manag base contract acquisit sole control stream telepiù newscorp consid singl concentr carri exclus view acquisit sole control combin platform newscorp propos transact concentr mean articl merger regul propos transact constitut develop oper scrutinis italian antitrust author iaa oper contrast present transact vivendi group acquir sole control italian dth pai tv platform result combin stream telepiù busi scenario telecom italia newscorp quot seller quot case telecom italia maintain link combin platform transact clear iaa decis date impos set condit substanti similar undertak present parti phase commiss investig deal subsequ abandon vivendi group iii commun dimens undertak concern combin aggreg world wide turnov eur million newscorp eur june stream eur telepiù eur aggreg commun wide turnov undertak concern eur million newscorp eur june telepiù eur whilst stream achiev eur parti achiev third turnov member state newscorp achiev third commun wide turnov unit kingdom stream telepiù itali oper commun dimens mean articl merger regul iv assess articl merger regul relev product geograph market concentr affect number market territori itali pai tv market product market newscorp believ propos transact evalu context market tv broadcast itali includ pai free tv servic parti argu commiss recognis interact segment earlier decis newscorp submit relat italian market reason commiss conclud relev product market includ pai free tv servic newscorp argu strength free tv broadcast specif case itali constitut effect constraint pai tv oper extens market investig carri case shown itali clear distinct viewpoint custom supplier free air tv pai tv scope investig encompass free air tv broadcast channel supplier footbal club associ consum summari main issu rais market test present paragraph free air broadcast find free pai tv separ market recognis larger nationwid broadcast vast major smaller region local broadcast free air tv oper broadcast consult submit type content programm schedul offer pai tv free air tv creat appeal servic end consum addit suppli side substitut busi model type broadcast distinct pai tv oper switch free air tv short term vice versa incur signific addit cost risk free air tv larg reli revenu stem advertis public fund state contribut whilst pai tv reli revenu stem subscript fee lesser extent itali advertis whilst quot audienc quot viewer quot share quot paramet assess success free air tv bear mind potenti reach advertis number subscrib kei paramet pai tv respond specif kind content sport footbal pai tv offer panopli event simultan multi channel offer incommensur superior free air viewer view event instanc footbal match time point time pai tv free tv servic fulli interchang consum perspect free broadcast highlight viewer pai tv interest programm schedul specif kind sport cinema pai tv modal promin free air broadcast state degre interact pai tv free air tv content provid tend multipli revenu sourc distinguish quot sell window quot pai tv free tv contribut identifi separ market channel supplier similar view put forward substanti number channel supplier state pai tv free air tv belong distinct market differ typic revenu model type broadcast contribut place competit arena suppli side viewpoint observ whilst exist direct econom relationship broadcast viewer pai tv quot subscript fee quot case free air tv econom relationship establish broadcast advertis bear mind respect programm schedul point view end consum relationship type tv qualifi quot complementari quot quot altern quot take account suppli side perspect themat channel produc respond state pai tv consid purchas content whilst free air tv oper repres suitabl altern held respond broadcast compet global retail market viewer global wholesal market acquisit program materi respect state quot acquisit call librari film film broadcast premium pai tv channel competit pai tv free tv quot identifi specif element content parti acknowledg quot gener competit pai tv oper free tv oper acquisit sale channel programm quot respond state event pai free tv constitut separ market reli sourc programm turn quot mean price condit negoti segment effect quot segment parti emphasis market substanti essenti element busi model make product suppli side point view dimens content programm schedul leav element discuss programm schedul import underlin free tv fix quot program schedul quot dai week whilst pai tv themat channel offer pai tv platform programm schedul quot replai quot content programm moment dai week viewer pai tv watch programm choic pai channel occas dai week respond acknowledg presenc high number terrestri free air televis itali influenc degre penetr pai tv servic extent abil content provid distribut product pai tv platform footbal team footbal club close connect pai tv busi revenu stream highli depend sale broadcast right pai tv oper relev itali matter fact vast major italian footbal club seri seri team state pai tv free air tv market distinguish free tv directli compet market pai tv differ base main element technolog differ licens authoris regim need oper sector relationship end consum financ system type tv base basic differ coupl main differ term quot product offer quot characteris market suppli side perspect live match take place year instanc italian leagu seri seri free tv compet pai tv acquisit relev exclus right degre competit exist friendli match highlight product major footbal team tend quot footbal quot uniqu product gear exploit pai modal except respect exist highlight defer match show room free tv exploit footbal relat product case sporad natur margin import respect respond state holder footbal team product footbal match target consum ultim transmiss modal encrypt free air argu pai tv free tv compet market view fact pai tv platform possibl broadcast match time footbal team medium small prefer sell right pai tv order preserv attend stadium characterist market conduct supplier right respect footbal event conclud clear differ product conveni bid associ consum question address relev italian associ consum adusbef aduc altroconsumo codacon confconsumatori federconsumatori respond state competit pressur exist itali free pai tv due exist vast network free air tv import set programm increas subscript fee pai tv platform induc consum quot switch quot termin exist subscript refrain subscrib pai tv subscrib typic free air tv viewer consum subscrib driven strong interest specif theme sport movi music tradit gener free tv perceiv satisfi interest respect state decis subscrib emot driven attract content offer pai tv instanc footbal match favourit nation team characterist appear blur boundari consum pai tv servic quot support quot fan specif team sport content addit element market investig highlight number element milit favour distinct pai tv free tv market element relat differ hardwar requir consumpt pai tv oppos free tv pai tv consum requir decod call quot set top box quot stb order decrypt broadcast signal stb bought leas addit customari tv set stb piec hardwar free tv consum requir terrestri analogu broadcast differ hardwar requir relev itali present digit terrestri tv dtt commerci exclud futur differ relev dtt introduc quot terrestri quot tv set requir decod order receiv digit signal italian govern plan introduct dtt point end contrast countri spain unit kingdom digit terrestri mean transmiss oper latest market forecast switch analogu tv itali place stage distinct function offer digit technolog date consum pai tv relev possibl show event time multipl channel pai tv itali offer rang addit featur made digit technolog electron programm guid epg interact inter alia clear exampl viewer sport event format view conveni switch camera film formula grand prix insid car pit stop replai goal footbal match switch camera watch penalti kick camera instal insid goal element present pai tv free tv distinct market itali spite undeni interact market clear attract offer free tv broadcast smaller incent viewer opt pai tv subscript relev countri itali free tv offer wide choic channel consid attract content respect free tv undoubtedli repres constraint pai tv crucial question constraint suffici strong render free tv substitut pai tv respect attract free tv broadcast offer depend definit content offer viewer present shown market investig type content consid itali quot premium quot success recent movi sport footbal pai tv broadcast hand footbal club show strong inclin sell broadcast right pai tv oper hand promin film produc sell broadcast right film quot window quot scheme pai tv quot window quot preced free tv quot window quot content provid unwil date waiv pai tv window scheme forego addit revenu sourc long busi model place free tv compet pai tv broadcast success recent movi immedi home video quot window quot present clear differ itali term quot premium quot content free tv pai tv offer importantli term time content broadcast current situat exclud distinct market increasingli blur futur reason link inter alia evolut technolog gener progress digitis itali futur introduct dtt itali bring televis landscap gener converg trend audio visual media hand converg media telecommun bring increas proxim wai entertain inform brought consum wai consum enjoi previou commiss decis find market investig case similar relev market definit establish commiss previou case competit author member state commiss previous held separ market pai tv distinguish terrestri satellit cabl mean transmiss market financ subscript lesser extent advertis distinct market free air televis financ advertis state contribut case free air tv commerci relationship programm supplier advertis industri case pai tv direct commerci relationship programm supplier viewer subscrib pai tv market network distributor sale team subscrib manag system essenti pai tv oper requir condit access ca technolog order limit access servic pai subscrib condit competit pai tv free air tv case free air tv relationship audienc share advertis rate kei paramet case pai tv kei factor relationship shape programm number subscript fact subscrib prepar pai consider sum pai tv pai tv product clear target servic relat pai tv commiss previous identifi market pai view servic digit interact tv servic consid link complementari pai tv concern servic quot pai view quot ppv quot video demand quot nvod quot video demand quot vod market investig reveal time consid segment pai tv market tv channel dth pai channel degre similar exist pai tv special interest channel market separ member state pai tv platform individu channel assimil multi channel pai tv stream telepiù subscrib possibl acquir packag channel quot basic quot quot premium content quot bouquet case dth channel multi channel pai tv inform submit market investig direct commerci relationship programm supplier viewer subscrib market network distributor sale team subscrib manag system essenti requir condit access ca technolog order limit access servic pai subscrib purpos case commiss reach conclus futur independ dth channel constitut competit constraint italian market vi vi multi channel pai tv platform stream telepiù includ premium content recent movi sport footbal match event establish pai tv channel constitut separ product market pai tv servic market concentr lead strengthen domin posit product market definit conclus light conclud market investig shown itali exist dynam interplai free air tv pai tv influenc penetr success pai tv separ market point time similarli find previou commiss investig sector geograph market fact nich market channel broadcast europ televis broadcast gener organis nation basi commiss state number decis market organis televis nation natur relat linguist homogen area primarili due differ regulatori regim languag barrier cultur factor condit competit prevail individu member state geograph market definit confirm case specif refer pai tv market boundari product market present transact limit territori itali upstream market regard pai tv acquisit audio visual tv content gener consider transact impact sector audio visual content market stream telepiù oper itali purchas broadcast right audio visual content cover number heterogen entertain product product includ limit movi tv programm genr made tv movi drama comedi documentari quiz game show new sport event basic themat channel audio visual content tv broadcast compil program schedul gener quot offer quot consider form audio visual content newscorp varieti tv content essenti build success pai tv platform acquisit tv content regard separ market respect commiss find show true tv broadcast pai tv platform bui varieti tv content demand side viewpoint tv oper perspect content substitut featur film made tv programm term attract consum suppli side right tv content trade price structur econom addit supplier specif content switch product type content commiss held previou decis market relat tv content exist premium film footbal event place regularli year nation team plai footbal event place regularli nation team plai sport tv themat gener channel tv programm right mention consid past suppli side point view sale right owner demand side acquisit exclus right theoret free air tv pai tv compet acquisit abovement tv content categori content acquir pai tv view inter alia price term underli contract recent film sold pai tv order obtain addit revenu subsequ sale free air tv ii specif case footbal event capac broadcast match time fact footbal club small medium interest sell right free tv readili access tv viewer price pai tv sale polici reduc number stadium goer type expens content view free tv right recent premium film regular footbal event nation team particip italian leagu tend acquir exclus basi pai tv oper constitut essenti factor driver lead consum subscrib pai tv channel platform type content import order complement bouquet pai tv necessarili quot driver type quot content product market market affect present transact concentr creat strengthen domin posit regard demand side acquisit right exclus right premium film exclus right footbal event place year nation team particip nation leagu nation cup uefa cup uefa champion leagu exclus right sport event acquisit tv channel right premium film commiss previous segment purchas activ tv broadcast right separ market natur content found vivendi canal seagram merger case acquisit broadcast right featur film constitut separ market distinct made tv programm regard pai tv oper vivendi canal seagram decis quot demand side point view right interchang pai tv oper perspect reason featur film made tv program term consum attract suppli side right trade price structur econom quot market quot hollywood call major studio hold strong posit quantit qualit main sourc success movi quot recent commiss relev market film compos quot success film quot gener correspond film produc american major studio call hollywood major film sold pai tv compris right call quot pai period quot quot pai view quot quot video demand quot quot video demand quot quot window quot quot window quot exhibit window period premium film avail pai tv pai period pai tv oper window right film offer quot older quot premium film previous broadcast pai tv call window previou commiss investig consum window film interchang window movi term novelti suppli side point view substitut window film window film matter fact franc right market separ window fee price window fee system commerci exploit pai tv oper vari window film includ premium channel window film tend broadcast specialis movi channel specif case itali differ window date signific relev current commerci practic newscorp previous exist pai tv platform shown specif interest acquir right pai tv releas framework output deal enter italian pai tv oper major main nation film produc specif pai tv releas right acquir sold telepiù pre emption right window number film case window right sold parti exhibit free tv due holdback right window right market futur itali market investig larg confirm premium motion pictur constitut stand quot driver quot content pai tv oper addit structur suppli characterist type content price term acquisit exclus broadcast right premium motion pictur product market separ content acquisit market geograph scope number decis commiss consid geograph market nation case region right sourc unit state call hollywood major prevent oper acquir right territori time broadcast right divid sold nation basi languag area price structur econom contract depend specif territori right acquir view constraint impos divis right geograph scope market nation limit linguist area itali licenc broadcast right limit italian nation territori present case geograph scope market nation right footbal event commiss state previou case separ market acquisit exclus broadcast right footbal event plai year nation team particip nation leagu primarili divis cup uefa champion leagu uefa cup free air tv particip bid process right champion leagu uefa cup market distinguish acquisit broadcast right footbal event place regularli nation team particip world cup european championship sold organis extent free air tv particip bid process right find confirm market investig present case purpos case affect market acquisit exclus broadcast right footbal event plai year nation team particip nation leagu primarili divis cup uefa champion leagu uefa cup market investig confirm type footbal content constitut stand quot driver quot content pai tv oper view characterist type content price term higher regular sport event nation team particip acquisit exclus broadcast right regular footbal event nation team particip consid separ product market distinguish content acquisit market geograph scope uefa broadcast regul reflect fact market broadcast right footbal event nation broadcast right gener sold nation basi pan european event uefa cup uefa champion leagu broadcast right nation leagu nation cup match specif product due cultur factor link demand nation prefer impli geograph scope correspond countri match plai itali exclus broadcast right relat footbal event plai year italian team particip acquir italian broadcast oper right italian leagu italian cup exploit itali previou decis geograph scope market case nation limit itali right sport event date commiss posit market acquisit exclus right sport footbal market mention recit segment market market investig content constitut kei driver subscript pai tv import pai tv oper concern event potenti attract interest numer end consum import tenni tournament box match golf motor bike race characterist type content price term acquisit exclus broadcast right sport event consid separ product market distinguish content acquisit market purpos case decid relev market divid market singl sport acquisit broadcast right tv oper concentr lead creation strengthen domin posit altern product market definit geograph scope sport event right acquir exclus basi european territori technic mean transmiss sold countri basi major sport event olymp game pan european interest viewer perspect sport right sold pan european basi acquir eurosport channel broadcast europ vast major sport right acquir broadcast limit specif countri linguist territori conclud market acquisit sport right broadcast nationwid limit linguist area tv channel market investig case confirm oper pai tv channel market independ dth platform constitut competit constraint vi vi pai tv platform tv channel acquir pai tv platform includ quot bouquet quot state commiss previou case essenti put pai tv servic constitut separ product market premium channel produc pai tv premium content sport movi previous acquir origin right owner market investig premium channel constitut kei driver subscript pai tv channel import pai tv oper type channel gener themat contribut render pai tv bouquet attract end consum tv channel suppli side repres provid bui singl event content gener exclus basi assembl packag resal tv broadcast characterist suppli featur type content offer price term lower price hour compar exclus content mean tv channel consid separ product market distinguish content acquisit market purpos case decid relev market divid market singl type channel gener themat sport children new concentr creat monopsoni situat altern product market definit geograph scope term geograph scope acquisit channel determin cultur sociolog background countri pai tv platform oper event appear strongli influenc bound singl nation territori altern product market necessarili nation dimens nation dimens confirm case itali specif themat channel italian adapt italian prefer creat supplier distribut take place nation level effect concentr merger lead substanti horizont overlap number market vertic relat italian pai tv market gener consider italian pai tv market characteris presenc oper telepiù stream start dth servic size italian market pai tv servic grown significantli term term volum number subscrib tabl show estim market size provid parti horizont affect market growth easili observ year refer term term number subscrib tabl market size gt tabl gt sourc form tabl volum number subscrib gt tabl gt sourc form recal prior merger telepiù target compani held domin posit italian pai tv market telepiù market share term subscrib term stream market share term subscrib market share term novemb telepiù market share term number subscrib stream market share approxim term revenu tabl summaris stream telepiù pre merger posit year refer number subscrib volum market share tabl market posit telepiù stream pre merger gt tabl gt sourc form tabl volum number subscrib gt tabl gt sourc form tabl market share volum gt tabl gt sourc form consider cost italian pai tv market pai tv market characteris itali eea high level cost incur platform cost structur pai tv oper consider extent determin burden program right level subscrib acquisit cost market promot expens largest portion oper cost base repres program cost reach high level absolut rel term account italian pai tv platform year broadcast program cost stem acquir quot premium quot content footbal event movi sport potenti attract viewer render stabl subscrib pai tv pai view servic document submit parti cost quot predict medium term matur agreement content provid quot consid extent fix unavoid cost platform quot right negoti content provid subscrib basi incorpor minimum payment subscrib guarante minimum number subscrib reach cost fulli variabl quot cost regard fix variabl cost depend compani analyt account system consist repres heavi burden platform itali level penetr pai tv servic lower eea countri custom base revenu amortis cost limit cost determin inter alia long term exclus contract premium content provid encompass acquisit exclus right broadcast pai tv pai view modal modal video demand video demand includ protect holdback right neg exclus right similar respect possibl parti acquir broadcast content exist futur mean transmiss cabl internet umt gener contract content provid structur substanti portion fee paid pai tv oper form quot minimum guarante quot directli indirectli link hypothet minimum number subscrib pai tv platform number subscrib increas hypothet number fee paid pai tv oper content provid rise begin pai tv busi itali incept stream broadcast cost skyrocket factor significantli affect profit competit platform shown data submit newscorp notifi parti report document submit proceed period telepiù stream incur heavi loss tabl show financi loss incur platform period tabl net loss gt tabl gt sourc elabor form data scrutini previou merger subsequ abort vivendi group acquir control stream iaa found program cost repres total cost dth pai tv oper cost acquisit movi right stream telepiù acquir substanti number quot premium quot movi right american major lesser extent italian film produc total acquisit platform shown tabl year tabl premium movi gt tabl gt sourc elabor data provid parti cost repres averag slightli total cost telepiù stream cost footbal right stream telepiù acquir signific number sport right italian footbal club broadcast event italian team relat italian seri seri coppa italia champion leagu uefa cup total acquisit right term cost platform shown tabl year tabl footbal event gt tabl gt sourc elabor data provid parti cost repres averag total cost stream telepiù cost right sport stream telepiù acquir signific number sport right regard sport event formula race import tenni tournament grand slam event italian team player particip total acquisit right term cost platform shown tabl year tabl sport event gt tabl gt sourc elabor data provid parti cost repres averag total cost telepiù stream cost acquisit channel stream telepiù acquir signific number right channel includ bouquet altern program total acquisit right term cost platform shown tabl year cost acquisit right substanti compar rest program right program consid quot premium quot natur take account number broadcast hour acquir channel compar number broadcast hour acquir film sport right cost hour channel significantli lower cost program right channel contribut increas attract pai tv platform vi vi end consum tabl channel gt tabl gt sourc elabor data provid parti cost repres averag total cost telepiù stream cost program right acquisit program right substanti erod revenu margin platform recent data point improv relev ratio ratio quot total program cost quot quot total subscript revenu quot decreas telepiù stream appear relationship cost revenu platform longer control econom financi difficulti experienc pai tv market dth platform itali extent reduc ongo effort combat piraci led increas number subscrib telepiù month creation strengthen domin posit italian pai tv market horizont effect suppli pai tv servic pai tv market market pai tv servic includ time servic pai tv strict sens term pai view video demand video demand provid pai tv servic broadcast mean digit terrestri dtt cabl satellit dth analogu terrestri broadcast technolog adequ support simultan transmiss wide number channel programm sport event typic pai tv bouquet italian pai tv market date essenti limit satellit transmiss dth stream telepiù activ telepiù maintain residu number subscrib initi analogu servic heritag begin pai tv era analogu terrestri mean whilst cabl margin develop oper biscom digit terrestri televis dtt experiment phase competit scenario cabl dth market telepiù domin player market share term number subscrib novemb term revenu stream competitor activ market subscrib novemb parti argu competit environ itali growth cabl oper biscom own network provis tv servic capabl reach million household cabl oper present biscom video demand interact tv servic subscrib biscom busi plan compani realis proprietari optic fibr cabl network reach custom limit number big citi itali addit biscom transmit telepiù stream pai tv offer cabl network client ownership condit sale custom care servic remain stream telepiù commiss point statement object newscorp virtual competit left pai tv market itali merger competit constraint combin platform face cabl oper itali consid minim newscorp public confer present busi commun state itali merg entiti face quot competit cabl quot addit claim parti cost cabl connect higher rel term market dth italian regul requir access condit access system ca fair reason discriminatori term parti simulcrypt oblig reason explain dth competitor acquir ca newscorp enter simulcrypt agreement newscorp ownership newscorp dth platform effect competit dth expect merger addit guarante establish prospect develop dtt dtt concern condit potenti entri reason time frame unclear italian govern fix deadlin decemb switch analogu digit tv market investig carri commiss transit place stage white paper digit terrestri tv novemb agcom italian regulatori author commun sector highlight difficulti frequenc broadcast set top box recommend italian state subsidis household digit decod studi publish commiss quot parti order achiev expect benefit dtt obstacl overcom oper invest upgrad transmiss network ii consum equip current analogu receiv main televis secondari televis video record convert decod replac gradual integr digit receiv receiv dtt iii regul modifi nation frequenc simulcast organis parti dtt oper face technic difficulti point dtt technolog predict limit broadcast power give absolut certainti decod area receiv signal parti stress success dtt pai tv europ parti claim premium content main incent custom pai pai tv remain extens choic channel offer correct dtt pai tv oper limit bandwidth compet number channel offer telepiù stream sustain dtt deliveri mechan respect deliveri mechan pai tv oper point view depend factor firstli exist recept infrastructur number household receiv terrestri recept cost transmiss dtt compar cabl digit satellit tv fix transmiss cost nationwid dtt broadcast higher satellit mention studi cost year digit transmiss satellit amount approxim eur million cost nationwid dtt transmiss amount eur million parti competit attract us dtt deliveri mechan commerci player prove long varieti channel remain determin factor promot pai tv dth inher advantag dtt continu hold lion share pai tv market itali respect born mind main driver subscrib pai tv varieti channel offer case itali substanti number free air channel premium content premium film sport nation footbal dtt bouquet includ channel compar channel view satellit platform respect argument parti field test dtt conduct sicili provinc la spezia record percentag declar intent subscrib end test period extrem low deem deterr candid launch oper view assess suffici degre certitud effect competit pressur aris dtt platform vi vi merg entiti forese futur claim competit constraint free air tv newscorp argu strength free tv broadcast itali effect constraint pai tv oper newscorp believ italian free air program express uniqu vari attract offer nation local level competit pressur newscorp critic constraint pai tv oper itali mere quot interact quot quot relationship quot recognis commiss past respect notifi parti state free air offer nation broadcast channel dth roughli local broadcast itali case degre competit pressur free air tv exist case countri germani evid gather commiss case confirm find pai tv distinguish product extra util conclus support fact window premium film footbal match nation team particip view pai tv consum subscrib prepar pai consider sum pai tv servic averag revenu subscrib eur telepiù stream annual fee compulsori tax public free air tv rai year eur nationwid mediaset tv channel view free local free air channel oral hear held march repres associ free air tv total turnov region local italian channel belong associ account telepiù turnov circumst highlight inter alia competit constraint stem free tv oper vi vi pai tv platform limit moment conclus regard concentr lead creation monopoli pai tv market itali vertic effect technic servic pai tv ca technic platform oper pai tv requir special technic infrastructur encrypt televis signal decrypt authoris viewer infrastructur constitut condit access system ca decod call set top box stb commiss examin previou decis exist product market wholesal provis technic servic pai tv quot servic essenti compris make settop box provis condit access servic includ smart card subscrib manag servic possibl servic relat access electron programm guid write applic compat applic program interfac includ set top box addit provis digit interact televis servic requir system financi transact conduct secur environ quot condit access system ca ca technolog network oper broadcast encrypt scrambl digit transmiss signal broadcast satellit cabl terrestri system stb digit signal reach stb smart card part ca gener control word need decrypt unscrambl broadcast signal allow subscrib requir access right view programm newscorp present suppli side condit access system sector control stake approxim nd condit access system licens supplier nd condit access relat product servic manag control secur distribut entertain inform televis combin entiti vertic integr nd possess hous proprietari ca technolog call videoguard respect born mind pai tv sector characteris strong vertic integr technic servic pai tv provis ca provid hous itali oper canal technolog nd vertic integr vivendi group newscorp group account total provis ca pai tv oper remain account compani irdeto commiss point statement object newscorp combin platform futur adopt ca nd ca videoguard strong incent combin platform adopt strategi firstli major stake held newscorp nd licensor videoguard strategi pursu newscorp vertic integr pai tv oper ca produc hous stream telepiù start oper technolog produc irdeto switch subsequ ca produc hous videoguard produc nd mediaguard produc canal technolog context separ product market envisag ca stb technic servic pai tv market investig carri commiss highlight specif concern technic servic pai tv relat condit access system concern express ca provid potenti newcom pai tv market satellit summaris firstli likelihood entiti grant access nd technolog ca potenti entrant unfair term condit likelihood entiti obstruct entri altern pai tv platform ca system nd lead virtual monopoli view fact nd ca itali concern argu concentr newscorp posit prevent entrant pai tv market itali acquir videoguard licenc case impos unfair condit acquisit exist access rule contain direct ec reduc concern respect direct access ca grant fair reason discriminatori term provis roll access direct ec due transpos juli regard concern claim entrant decid ca licens nd combin entiti case newscorp cooper order set simulcrypt system make ca nd compat ca entrant italian regulatori requir forese simulcrypt oblig requir implement interoper ca market investig suggest italian regulatori requir suffici establish condit unhind entri pai tv oper ca nd simulcrypt oblig appar difficult implement short period time realist option entrant obtain licenc nd technolog number respond market investig nd technolog sort quot essenti facil quot italian pai tv market light result market investig vertic integr nd corpor structur entiti possess proprietari ca technolog commiss conclud highli post transact oper lead singl ca combin entiti entri pai tv dth platform expect shortli merger combin platform decid nd technolog ration forese ca exist itali access ca depend newscorp deploy altern ca depend newscorp cooper set simulcrypt factor significantli rais high barrier entri italian pai tv market contribut strengthen domin posit combin entiti market pai tv repli statement object newscorp argu commiss conclud singl ca combin platform anti competit whilst quot fact transact rais barrier entri suffici justifi prohibit decis quot newscorp argu abil foreclos entri context newscorp quot commiss decis case telia sonera state quot assess vertic foreclosur issu signific establish merg entiti incent foreclos abil signific effect competit market question quot commiss analysi effect transact limit rais barrier entri creat monopoli dth pai tv itali view monopolist situat quot downstream quot pai tv market possess proprietari condit access system quot standard quot ca newscorp incent pursu exclusionari strategi rais rival cost order foreclos market maintain monopolist posit dth abil potenti competitor wish enter italian pai tv market satellit dth modal obtain licenc newscorp subsidiari nd order access videoguard ca seek newscorp cooper order implement simulcrypt agreement base past experi give rise quot heavi quot litig reach agreement prove lengthi time consum difficult exercis establish competitor stream telepiù past absenc correct measur newscorp case posit foreclos potenti dth entri rais rival cost ca factor consid isol commiss perspect anti competit effect brought transact context circumst result oper barrier entri dth rais inter alia singl proprietari ca combin entiti monopolist situat dth aggrav element strengthen domin posit combin platform italian pai tv market newscorp argu causal link transact alleg competit harm newscorp own italian pai tv oper incent rais barrier entri italian pai tv market place caus transact commiss agre posit possess proprietari ca dth monopolist factor increas barrier entri downstream pai tv market newscorp incent rais barrier entri direct consequ transact bring monopolist situat dth pai tv addit basi result market investig reason expect situat chang time forese futur technic platform stream telepiù build common technic platform distribut programm satellit technic platform defin system control condit access provis technic servic relat thereto technic platform deciph signal broadcast programm supplier transmit subscrib set top box claim due import invest need set dth platform parti dth pai free satellit channel distribut combin platform entiti technic servic provid newscorp platform compris condit access manag transit decod inclus pre defin list servic automat tune digitalis cryptat satellit link access electron programm guid epg epg tv list guid constitut essenti tool due increas programm choic digit televis inform epg broadcast displai epg softwar menu system user search programm type film comedi children programm view programm number time dai epg extrem difficult user systemat easili find specif channel seek access platform constitut essenti element facilit entri pai tv market pai free air channel broadcast dth result merger dth channel longer possibl choos altern platform control platform newscorp incent abil refus access rais barrier consolid channel systemat chang posit epg impos unfair discriminatori condit digit satellit channel free air pai dth stage adequ regulatori framework effici speedili solv problem behaviour contribut consolid entiti monopoli posit pai tv market answer commiss statement object newscorp submit incent manipul epg fact argu merg group incent provid high qualiti servic subscrib merg group behav ineptli subscrib regularli swap order channel electron programm guid respect commiss opinion highlight stream past behaviour combin group incent win viewer loyalti channel overrid incent provid stabl posit epg parti channel conclus basi forego conclud concentr strengthen last basi domin posit italian pai tv market merg entiti monopoli dth mean transmiss possibl econom incent foreclos actual potenti competitor wish enter market mean transmiss rais rival cost rais barrier entri respect exist regul mitig extent competit concern standard nd condit access servic entir satellit platform lengthi simulcrypt agreement enter make potenti dth newcom complet depend combin entiti technolog viewpoint control technic platform give newscorp possibl incent set standard accept level quot intra platform quot competit element spite applic regul monopoli newscorp dth mean transmiss contribut substanti consolid quasi monopolist situat pai tv market result oper time concentr repli statement object newscorp commiss fallen short oblig establish newscorp adopt conduct newscorp point tetra laval bv commiss court instanc held standard proof balanc probabl reject commiss approach possibl harm competit suffici justifi prohibit decis respect commiss submit judgment balanc probabl commiss approach base absenc presumpt collect domin ii relianc prospect analysi futur ration behaviour basi find domin condit met case relat condit absenc presumpt collect domin disput merger fact lead creation quasi monopolist situat pai tv market relat condit relianc prospect analysi futur ration behaviour analysi carri present case base situat occur immedi merger creation quasi monopoli basi evid gather procedur regard natur horizont overlap brought concentr commiss consid suffici evid conclud combin platform forese futur incent actual abil adopt conduct result ultim significantli affect competit relev market creation strengthen domin posit acquisit market horizont effect upstream affect market acquisit content acquisit exclus broadcast right premium film telepiù target compani hold domin posit market acquisit exclus right premium film film acquir telepiù repres total box offic film sold exclus right tv term term number film remain right acquir stream italian film window right acquir la free air tv control telecom italia right telepiù stream shown tabl gt pic file quot en tif quot gt gt pic file quot en tif quot gt telepiù subscrib contract eyescreen nexo supplier stream american major inform submit parti form stream hold exclus right univers ppv nvod august univers exercis option automat renew addit year gt pic file quot en tif quot gt addit stream subscrib contract filmauro videofilm vckappa kei film distribut compani number italian italian film number quot small quot contract supplier minerva pasodobl romagnosi teodora contract conclud stream telepiù counterpart includ exclus right mean transmiss terrestri satellit cabl combin correspond box offic total theatric exhibit virtual exclus right acquir pai tv earlier telepiù market share stream market share base box offic film acquir sold exclus right free air tv quot la quot belong telecom italia acquir window right italian film la subscrib exclus contract window hollywood major acquisit telepiù stream addit custom itali merger lead quasi monopolist situat acquisit exclus right film monopsoni la acquir insignific number window right italian film respect born mind owner hollywood major sell window right free air tv futur explain movi right sold time theatric exhibit video pai view video demand window window catalogu film categori acquir free air tv owner sell window film free air tv access viewer month theatric exhibit undermin revenu film produc monopsonist situat absenc correct measur foreclos access content parti mean transmiss dth restrict avail content consum reduc possibl choic addit parti reduc access content exercis holdback pre emption right window movi envisag telepiú current contract major tabl absenc remedi action effect prevent potenti entrant attempt enter market quot fring quot tier competitor protect right exercis parti effect withdraw window right market harm consum welfar freedom choos price time quot consum quot pai tv product regard take account durat exist contract concentr effect prevent potenti pai tv competitor access broadcast content pai tv number year repli statement object newscorp argu transact modifi current situat quot contract enter stream telepiú acquisit right place affect merger network contract affect likelihood entri issu caus merger quot parti causal link merger competit harm respect newscorp refer paragraph draft notic horizont merger quot commiss compar competit condit follow merger condit prevail absent merger quot matter fact merger pai tv oper posit compet acquisit content merger quot network contract quot held singl oper absenc correct measur posit determin term condit market vi vi owner greater extent case compet purchas importantli greater bargain power quasi monopsonist likelihood posit quot tailor quot contractu relat content provid object prevent potenti competit entrant light consider argument parti post merger quot greater number fewer right buyer quot parti reduc demand appear groundless newscorp point entrant acquir right analog held stream enter contract mgm effect commiss erron assum mgm contract extend respect commiss consid firstli merger competitor enter italian market take account evid relev factor mgm tc fox exercis unilater renew signific respect hollywood major past exercis spite exist altern platform columbia paramount exercis renew contract telepiù univers recent exercis stream econom context histor perspect render claim newscorp acquisit sport content gener legal framework articl quot televis frontier quot direct amend member state measur order ensur event consid major import societi transmit televis broadcast jurisdict exclus basi encod form provis effect appear italian implement measur date march provis intend make substanti proport italian public follow list event free televis incur addit cost acquisit technic equip list event itali summer winter olymp game footbal world cup match involv italian nation team full live coverag european footbal championship final match involv italian nation team full live coverag match involv italian nation footbal team home offici competit final semi final champion leagu uefa cup italian team involv tour itali giro italia cycl competit formula italian grand prix addit italian commun author agcom reserv amend list due includ event final basketbal water polo volleybal world championship involv italian nation team final semi final davi cup italian nation team involv road cycl world championship italian commun author reserv revis list year entri forc decis oblig broadcast quot list event quot free air basi result decreas price acquisit broadcast right event italian market acquisit exclus broadcast right footbal event place regularli year nation team particip parti combin market share repres term stream telepiù term number match stream telepiù italian nation law law dth platform total footbal right rule appli singl dth platform scenario post merger condit durat contract provid acquisit exclus right exce year seri seri talian footbal club stream exclus right bologna lecc sd srl napoli brescia chievo verona empoli modena siena right repres seri match addit exclus right uefa champion leagu seri seri italian footbal club telepiù exclus right atalanta como messina perugia piacenza reggina torino inter bari juventu milan cagliari right repres seri match merger lead quasi monopsonist situat entiti acquisit exclus right regular footbal event nation team particip exclus right compris live live event pai tv ppv protect live event free air tv case video demand umt internet importantli similarli case movi right result greater bargain power quasi monopsonist posit quot tailor quot contractu relat content provid object prevent entri acquisit exclus broadcast right sport event stream telepiù exclus right import number sport event addit formula car race popular itali respect formula right held pai tv oper oper transmit formula race satellit exclus rai free air televis broadcast formula analogu terrestri modal italian territori inform provid parti form submit octob telepiù exclus right sport event golf pga tour ryder cup open italia augusta nation british open golf associ pga tenni roland garro open australian open basketbal ncaa nba uleb euroleagu fiba motonaut uim powerboat volleybal lega pallavolo seri femminil rugbi lega italiana trinit box tyson lewi footbal nfl season car race le man hour spa stream exclus right event sport contract subscrib espn golf pga tour pga european tour februari tenni tenni master seri wta roma wimbledon event sport gener except nation footbal consid separ market transact lead creation domin posit acquisit exclus right sport event individu sport consid separ market transact lead strengthen domin posit golf tenni notifi parti present stream market share broadcast right sport event nation footbal telepiù tv broadcast consid competitor stream telepiù acquisit right market share respect major sport event broadcast free tv exclus basi cycl giro italia intern competit athlet import intern meet box italian european titl match rugbi match plai italian nation team nation tournament motorcycl entir motorcycl world championship sail loui vuitton cup america cup olymp game winter game propos transact increas bui power entiti strengthen posit compar pre merger situat potenti tv competitor possibl acquir exclus right import sport event place importantli result greater bargain power quasi monopsonist posit quot tailor quot contractu relat content provid object prevent entri impos long term durat acquir exclus right protect right mean transmiss dth tv channel contrast premium film footbal event larg number channel acquir exclus basi word pai tv competitor acquir broadcast channel stream exclus right channel duel tv comedi life nation geograph mt channel roma channel fox kid cfn cnbc music choic addit product channel film travel new languag realiti show music sport telepiù exclus right marco polo disnei channel canal jimmi raisat ragazzi raisat show raisat fiction raisat gambero rosso raisat art raisat cinema happi channel raisat album planet cinecinema ii cineclass inn bloomberg espn classic sport eurosport new tv multimusica matchmus rock tv classica milan channel inter channel number product channel film premium channel ppv sport ppv channel acquir exclus basi exclud premium sport movi channel produc parti characteris program base exclus content except premium channel potenti competitor acquir produc channel competit concern case tv channel aris fact competitor enter market case access premium content guarante merger lead monopsonist situat acquisit channel itali merger bargain posit smaller independ supplier channel weaken due absenc altern platform combin entiti indirectli harm consum welfar merg entiti decid stop purchas right tv channel exert monopsonist power extent tv channel provid exit market due unsustain econom condit case consum enjoi greatli reduc varieti product freedom choic advers effect consum offset creat condit allow channel broadcast free air pai dth acquir merg platform conclus horizont effect upstream affect market acquisit content gener acquisit right content newscorp argu repli statement object monopsoni competit pai tv free tv oper acquisit right competit pai tv oper expect increas market content newscorp quot bid market quot commiss disagre acquisit program content gener extent regard bid market natur featur submarket quot bid quot de facto access limit number oper characterist acquisit theoret window premium movi right quot bid quot restrict pai tv oper due busi model studio segment window de facto free air tv oper prevent acquir right competit pai tv similar condit quot restrict bid quot occur de facto acquisit right footbal event place regularli year nation team particip seri seri championship emerg market test owner footbal team prefer sell right pai tv oper free air order avoid neg impact stadium attend main sourc revenu de facto free air tv oper effect compet pai tv acquisit right final right sport event tenni golf bid condit open de facto exist pai tv oper combin platform hold domin posit acquisit exclus right sport event illustr exclus right sort tend purchas pai tv owner reason inher busi model prefer pai tv free air undermin prob argument put forward parti merger futur market condit behaviour merg entiti potenti competitor conclus horizont vertic effect concentr affect market basi forego conclud newscorp monopoli pai tv supplier itali stream telepiù present pai tv supplier itali biscom dtt broadcast dth channel altern dth platform potenti act competit constraint futur suffici guarante potenti competitor access premium content premium film hollywood major footbal match nation team specif content essenti surviv pai tv oper market newscorp access attract comprehens content access premium content recent film footbal event sport event vital success oper pai tv content incit potenti conum subscrib access window film live sport event import potenti competitor interest creat altern platform commiss investig shown combin platform access programm resourc unparallel itali addit part essenti content quot pai tv driver quot content film major market reason time end unilater renew right exercis mgm tc fox undertak essenti content establish altern pai tv access right import pai tv free tv order entic consum subscrib product pai view basi specif type content crucial order suffici attract pai tv packag includ combin premium right window window film popular sport event true itali newscorp household televis receiv great number free access channel foreclosur effect premium programm resourc recent film footbal right short suppli gener rule broadcast right premium content premium film hollywood major grant basi long term exclus contract durat exist contract supplier access combin platform programm resourc addit footbal right extrem expens acquisit right entail import financi risk potenti competitor posit creat altern success pai tv platform mean transmiss exist cabl oper biscom capac reach limit number household potenti dtt competitor oper medium long term situat chang current contract pai tv right expir theoret pai tv servic potenti suppli itali altern dth oper cabl oper biscom dtt oper output deal conclud hollywood major begin expir end mgm tc fox exercis renew contract sport right supplier expir earlier stage potenti competitor match combin platform offer right chanc potenti competitor offer attract pai tv stage low view market posit combin platform establish competitor prospect secur substanti volum attract pai tv broadcast right small hope acquir broadcast right vital access viewer form establish subscrib base price pai tv right determin refer number subscrib subject state minimum case output deal hollywood major combin platform subscrib base expect largest year sale right newscorp secur consider higher price sale newcom newcom run consider financi risk conclud output deal window film guarante minimum subscrib base equival guarante newscorp posit achiev guarante figur newscorp competit advantag compar potenti competitor negoti contract premium content potenti competitor possess resourc acquir right major commiss conclud contract afford merg entiti exclus right studio foreclos potenti market entri explain right premium movi pai tv purpos acquir format call window depend time allow exhibit closer time time theatric releas valuabl window premium content window right valu fraction window pai tv right argu ow price differenti time broadcast window right premium movi de facto dissimilar product telepiú hold number exclus right window movi pursuant output deal studio basi output deal major telepiú hold protect right holdback right window right effect imped product quot window movi quot reach market creat sort quot black quot period quot protect quot black right object foreclos potenti entrant access cheaper premium content effect depriv consum choos time price prefer view pai tv product market foreclosur window right negoti studio major potenti pai tv oper possibl enter market lower financi invest lesser risk offer cheaper premium content time merg entiti exampl nation market commun competit surfac pai tv market initi smaller prestigi oper foreclos effect protect right held incumb monopolist monopsonist pai tv oper vi vi potenti entri undeni foreclos market constitut quintessenti object protect right restrict consum choic exercis protect right pai tv oper depriv consum fundament choos consum prefer price sensit differ greatli market respect product window movi access consum wish access pai tv product forc consum quot format fit quot scenario time window price establish pai tv oper contrast absenc protect right effect withdraw window movi market consum possibl choos quot tier quot pai tv oper offer premium movi time closer theatric releas higher subscript fee quot tier quot oper offer content cheaper price time line respect theatric releas scenario opt prefer form consumpt pai tv servic rest consum entiti decid bui window right broadcast combin platform simpli block access potenti competitor right potenti entrant result commerci transact combin platform studio effect blackout claus event window content eventu reach market albeit offer monopolist conclud protect black right object effect foreclos potenti market entri effect harm consum prevent access premium content potenti competitor potenti pai tv consum final case regular footbal event nation team particip potenti competitor match offer combin platform order acquir right import price right cost extrem high compar right financi risk entrant subscrib contract footbal club higher combin platform correct measur biscom potenti competitor dth dtt posit establish fulli fledg altern programm platform equival reach reason hold exclus right premium content right right hollywood major movi market number year footbal right sport right import event come year financi risk incur entrant bui exclus right footbal event constitut addit barrier entri newscorp quot gatekeep quot tool videoguard ca facilit entri altern pai dth oper infrastructur platform eas condit broadcast pai free tv satellit channel principl dth pai tv oper choic build infrastructur offer programm access exist platform set infrastructur appear junctur theoret altern oper suffici programm resourc make premium offer outsid gain access exist platform easili choic compet platform choic exist itali propos transact absenc altern platform itali potenti dth competitor italian market free channel wish offer channel subscrib combin platform futur depend access newscorp platform mean dth pai tv oper set altern infrastructur free channel transmit digit satellit wish reach combin platform subscrib oblig channel broadcast newscorp platform absenc correct measur newscorp gain larg degre control competitor activ posit determin extent condit pai dth oper compet condit subscrib access free air digit satellit channel newscorp posit refus access platform impos unfair discriminatori condit altern pai tv platform wish enter italian market ca order posit broadcast encrypt program newscorp owner nd ca videoguard exist access rule contain direct ec direct ec reduc assuag concern respect parti access nd technolog obstruct newscorp undertak compli rule effect disput settlement put place case long disput price aris meantim undermin possibl compet hand adopt newcom ca spite simulcrypt oblig impos italian law transpos direct ec constitut likelihood addit barrier entri effect applic simulcrypt oblig requir past year extrem expens merg platform absenc correct measur posit rais rival cost control parti access dth platform servic ca possibl newcom dth broadcast set altern infrastructur posit oper depend newscorp goodwil rais barrier give access platform servic addit possibl newcom dth broadcast posit compet effect newscorp depend newscorp licens nd ca fulfil simulcrypt oblig time transpar discriminatori term condit durat domin evid show highli altern competitor posit effect compet parti forese futur mean transmiss biscom competitor market cabl segment capac reach million household futur italian household satellit capac reach virtual italian household hand dtt expect govern plan start oper itali begin commiss investig shown case longer time frame envisag final altern dth platform posit enter market access content technic facil guarante reason convinc ground commiss conclud result transact newscorp continu pai tv oper itali consider time forese futur imped significantli effect competit applic concept quot rescu merger quot date commiss base merger decis concept quot rescu merger quot commonli refer fail compani defenc case kaliund salz mkd treuhand hereinaft kali und salz basf eurodiol pantochim decis kali und salz criteria set commiss applic rescu merger defenc acquir compani futur forc market anti competit purchas acquir undertak gain market share acquir undertak forc market judgment kali und salz march court justic found merger regard rescu merger deterior competit structur result concentr occur similar fashion concentr proce court justic quot introduct criterion acquir undertak gain market share acquir undertak forc market intend ensur exist causal link concentr deterior competit structur market exclud competit structur result concentr deterior similar fashion concentr proce criterion absorpt market share consid commiss suffici preclud advers effect concentr competit help ensur neutral effect concentr deterior competit structur market consist concept causal connect set articl regul quot decis basf eurodiol pantochim commiss approach court justic wider criteria set commiss decis kali und salz court justic exist causal link concentr deterior competit structur market exclud merger regard rescu merger competit structur result concentr expect deterior similar fashion concentr allow proce concentr prohibit gener term basf eurodiol pantochim decis concept quot rescu merger quot requir undertak acquir regard quot fail firm quot merger deterior competit structur applic rescu merger condit satisfi acquir undertak futur forc market undertak anti competit altern purchas applic criteria complet rule possibl takeov parti asset undertak concern event bankruptci asset competitor bankruptci proceed econom effect similar takeov fail firm altern purchas commiss case decid addit criteria establish asset purchas inevit disappear exit market absenc merger event applic concept quot rescu merger quot requir deterior competit structur result merger wors occur absenc merger repli statement object newscorp argu condit quot fail compani defenc quot met case absenc merger telepiù gain posit compar combin platform merger event asset stream inevit exit market examin claim note newscorp argu stream jointli control newscorp telecom italia quot fail firm quot exit market merger present transact fact combin chang joint sole control stream parent compani newscorp merger compani telepiù stream separ quot divis quot quot compani quot newscorp merger rais question quot fail compani defenc quot appli acquir firm financi healthi divis fail merg entiti commiss decis rew meinl case quot fail divis defenc quot quot fail compani defenc quot burden prove lack causal merger creation strengthen domin posit fall compani claim merger involv allegedli unprofit divis justifi merger control law declar merger divis ceas oper case rew meinl involv divis meinl group acquir rew import prove lack causal greater case claim quot fail divis quot acquir compani final argu bui group strateg reason fail divis aliv merger prohibit fail compani forc market undertak newscorp argu stream quot fail firm quot exit market absenc merger econom busi logic dictat sharehold decis stream bankruptci base comparison neg net present npv futur cash flow debt servic remain busi possibl neg npv bankruptci npv bankruptci greater quot remain busi quot npv ration decis seek bankruptci realist prospect stream profit stand entiti newscorp exit cost newscorp telecom italia face todai significantli lower quot remain busi cost quot stream exit market prospect close transact consider parti argu manag higher effort effect combat piraci number subscrib revenu substanti rise present transact acquir sole control fail compani parent compani acquir sole control compani telepiù stream separ legal person question firm newscorp forc market newscorp act hold compani stream account part busi activ subsidiari newscorp group stream withdraw italian pai tv market form manag decis abandon busi activ develop live expect firm manag board import note parti rais argument late stage mention made notif cast doubt prob claim fundament chang notif anti competit purchas newscorp argu absenc substanti synergi potenti buyer face similar situat newscorp telecom italia buyer face greater uncertainti futur profit newscorp telecom italia exist sharehold superior inform busi realist prospect anti competit purchas emerg difficult imagin synergi larg substanti chang financi outlook stream jpmorgan project potenti buyer attempt purchas telepiù vivendi group june sale newscorp finalis respect jpmorgan note understand potenti buyer submit formal bid telepiù stream case fact transact discuss made public price reportedli negoti newscorp extend negoti potenti buyer attempt purchas stream newscorp sale vivendi group finalis clear commiss reason kali und salz decis burden prove altern potenti buyer acquir firm fall commiss opinion parti claim newscorp argument discharg burden proof attempt find mere financi investor stream newscorp potenti buyer vivendi group stream newscorp telepiù newscorp vivendi group enter negoti sell respect compani itali reason negoti fail attempt sell control stake stream made telecom italia stream vivendi group activ find anti competit solut merger compani inform commiss newscorp telecom italia put stream public offer asset purchas inevit disappear market absenc merger acquir undertak gain market share acquir undertak newscorp asset acquir inevit exit market main asset held stream futur alloc critic competit condit subscrib base right content hold stream dth subscrib flow telepiù satellit platform cabl limit area stream premium right newscorp argu acquir telepiù stream bankruptci right return holder put sale newscorp telepiù win right instanc comparison biscom compet free air oper argu content champion leagu right tenni right necessarili acquir telepiù free air tv pai tv extent compet acquisit right posit bid right telepiù financi situat weaker combin platform result merger newscorp indic acquisit telepiù compani asset stream trademark distribut network condit met present case final posit condit inevit disappear exit market asset acquir fulfil present case conclus commiss consid newscorp demonstr causal link concentr effect competit condit competit expect deterior similar ident extent concentr question risk stream exit market materialis factor account assess present merger commiss consid authoris merger subject condit benefici consum disrupt caus potenti closur stream vi undertak march newscorp submit revis set undertak hereinaft refer undertak commit accord articl merger regul purpos achiev clearanc merger commit set annex decis form integr part thereof commit propos newscorp build remedi submit commiss octob januari investig basi market test abovement set commit commiss conclud undertak submit suffici solv competit concern rais oper result commiss issu commun pursuant articl merger regul commiss view commit submit march address resolv satisfactori manner competit concern rais concentr summari commit offer newscorp march commit offer newscorp march provid ongo exclus contract film studio footbal club unilater termin contract enter stream telepiù applic penalti newscorp waiv exclus right respect tv platform dth terrestri cabl umt internet parti waiv protect right mean transmiss dth newscorp waiv exclus right pai view video demand video demand platform futur exclus contract newscorp subscrib contract exceed durat year footbal club year film studio exclus attach contract concern dth transmiss appli mean transmiss terrestri cabl umt internet parti waiv protect right mean transmiss dth footbal right worldwid sport event contractu counterpart grant unilater termin contract yearli basi newscorp acquir protect right dth waiv exclus right pai view video demand video demand platform newscorp acquir futur contract negoti term exist contract protect black respect dth relat competitor parti wholesal offer access platform technic servic newscorp offer parti unbundl exclus basi distribut platform dth premium content long combin platform offer premium content retail custom offer made basi retail minu principl newscorp grant parti dth entrant access platform access applic program interfac api cost orient discriminatori formula base directli attribut cost servic share relev technic cost fix common cost reason return period provis access servic combin platform appli dissimilar condit equival transact newscorp procur nd grant parti fair discriminatori price basi licens condit access system ca newscorp endeavour enter simulcrypt agreement itali event month written request interest parti divestitur dtt busi undertak enter dtt activ divestitur telepiù digit analogu terrestri broadcast asset commit enter dtt activ network retail oper frequenc acquir compani includ pai tv broadcast channel busi plan oper divest busi switchov analogu digit terrestri televis broadcast itali arbitr newscorp propos arbitr procedur order guarante effect commit arbitr system includ inter alia jurisdict agcom matter compet italian includ wholesal offer durat undertak commit expir latest decemb applic newscorp combin platform commiss decid shorten durat ground condit competit longer justifi continu commit assess commit light market investig market test set commit consecut submit newscorp commiss consid final undertak suffici resolv competit concern rais notifi oper gener remark entiti hold monopolist posit pai tv market quasi monopsonist posit market acquisit tv channel premium film right nation footbal club tv channel domin posit acquisit sport includ italian legisl implement quot televis frontier quot direct consid quot worldwid quot sport event main thrust underli ultim object remedi packag creat condit actual competit subsist potenti competit emerg case stake aim achiev lower barrier entri affect market creation competit constraint effect oper disciplin restrain factor vi vi domin player packag remedi propos newscorp conceiv construct ultim object mind access content point commit text access content scope durat exclus right held combin platform extens reduc right contest frequent case dth right perman case dth right basi premium content broadcast dth combin platform made fulli dth platform wholesal price wholesal offer addit newscorp acquir futur contract negoti term exist contract protect black respect dth ongo exclus contract footbal right undertak submit newscorp combin platform grant holder unilater termin start season provis enhanc contest premium footbal content earli come season improv chanc potenti competitor enter pai tv market newscorp undertaken waiv exclus protect right dth transmiss footbal sport event oper compet mean transmiss cabl internet umt direct access premium sport content movi right newscorp undertaken waiv exclus protect right dth transmiss oper compet mean transmiss cabl internet umt direct access premium movi content counter parti agreement combin platform unilater termin contract consider durat current output deal enter studio hollywood major italian film produc unilater termin increas contest right premium movi benefit potenti entrant pai tv market dth transmiss oblig provid wholesal offer coupl unilater termin held film produc studio increas avail premium content maximum extent complet undermin ongo contractu commit merg parti film produc commit appear adequ proportion futur exclus contract footbal right limit durat futur exclus contract dth transmiss footbal team year unilater termin grant footbal owner effect undertak make premium footbal content contest market regular interv movi right limit durat futur exclus contract dth transmiss appli output deal conclud combin platform studio hollywood major italian film produc durat futur output deal studio exce year limit maximum durat contract footbal owner year compar year contract studio view result market test whilst studio hollywood major unanim favour cap event longest durat contract combin platform greatli diverg view express footbal team advoc maximum durat year advoc longer durat view diverg view prefer appear highlight peculiar footbal team busi model compar studio commiss consid maximum durat year line condit impos year italian competit author mirror case unlik studio footbal team grant unilater termin futur contract termin constitut undertak real liabl drastic footbal season view result achiev specif team right duli account negoti combin platform movi right newscorp undertaken acquir exclus right dth mean transmiss oper compet platform cabl internet umt direct access premium movi content newscorp commit acquir respect futur agreement studio pai view video demand video demand exclus right protect right addit newscorp undertaken seek dth protect right pai tv event renegoti present contract proportion undertak durat futur contract studio state movi right durat futur dth exclus agreement studio limit maximum year reduc durat output agreement film produc significantli reduc foreclosur movi right acquisit market benefit potenti entrant pai tv market acknowledg crucial import premium film quot driver quot pai tv subscript translat potenti entrant easili preclud enter market premium movi reach foreclosur effect inevit stem cumul effect long term agreement enter domin market player major film produc cover bulk produc output matter initi undertaken incumb film produc long exclus purchas agreement run mere possibl bid buyer rule agreement case due cumul effect agreement foreclosur effect extend extrem high ti market share crucial import suppli market durat agreement circumst import paramet combin platform allow continu enter long term agreement film produc futur allow renew year long term current contract prospect entri pai tv market simpli destroi potenti competit elimin addit durat year consid proportion line normal industri standard contract subscrib past italian film produc contrast durat abovement exclus agreement limit reason maximum potenti buyer possibl submit offer studio regular frequent basi improv competit bui side acquisit premium movi right light characterist relev purchas market maximum durat year provid suffici level flexibl competit undermin possibl content provid secur sale right period time shorter current term period year remain suffici long remov technic commerci legitim concern suppli side altern reduct durat output deal interest parti argu unilater termin grant studio respect futur agreement care consider commiss conclud solut enhanc contest premium movi right effect reduct durat output deal bring undesir effect result disproportion shift bargain power favour studio ultim detriment potenti entrant argument made respect monopsonist power exercis combin platform right acquisit market carefulli counterbalanc movi right fact monopsonist power subsist long studio hollywood mjor maintain current market model base segment quot window quot pursuant free air tv bid right film quot pai tv window quot duli exploit pai tv oper moment holder decid free air tv bid film right time pai tv oper elimin distinct quot free tv window quot quot pai tv window quot monopsonist power combin platform disappear ipso facto true countri itali free air tv distinct relev market undeni displai interact pai tv previous acknowledg major broadcast group possess signific financi mean studio hold power instrument exercis full discret order counterbal futur monopsonist power combin platform reli mere unilater termin part studio order remov concern relat foreclosur effect unrealist unilater termin genuin full renegoti supplier potenti buyer contrari supplier possibl prolong automat initi contractu condit current buyer context pai tv film right output agreement worrisom exist number factor lead studio favour statu quo pai tv film right output agreement provid larg number commerci condit instanc determin fee depend technic paramet paramet classif film success lump sum variabl price call quot cent subscrib quot cp number subscrib subject precis method calcul minimum guarante price cap keyterm durat film cover agreement volum characterist product license acquir year licens term number exhibit date avail secur measur payment term warrante market condit chang time shown past experi numer kei term creat potenti incent studio preserv statu quo long stronger inertia greater foreclosur effect spite theoret exist unilater termin thirdli complet uncertainti studio choos unilater termin contract combin platform oppos fix expir date potenti entrant properli plan entri market financi point view order enter market potenti entrant critic mass premium film respect constraint bargain posit entrant weak case mere unilater termin persuad negoti studio individu face counterpart awar studio long term ongo contract right instantli reason set fix regular expir date entail studio regularli simultan seek purchas effect satisfactori addit current contract half hollywood major suppli merg parti expir date month mean contract eventu enter combin platform expir date close time combin platform negoti simultan expir date lastli fact monopolist monopsonist pai tv broadcast past conclud long term output agreement case telepiú show durat issu clear cut vertic conflict buyer necessarili aim shorten term contract supplier interest simplist accur reflect realiti market premium wholesal offer point commit text wholesal offer intend competitor entiti platform dth subsist enter italian pai tv market underli idea wholesal offer lower barrier entri pai tv market allow dth pai tv oper access premium content costli purchas directli lock mean long durat exclus agreement enter incumb player content provid type content exclus footbal film consid quot subscript driver quot crucial success pai tv oper appar comment submit parti market test carri commiss undertak origin formul rais issu scope notion quot premium content quot contractu avail right order provid wholesal offer platform dth bundl product determin wholesal price offer pursuant quot retail minu quot principl avail sale offer interest parti scope notion quot premium content quot commit wholesal offer cover premium content broadcast combin platform content broadcast basic channel packag pai tv modal includ wholesal offer mean parti oper offer pai view video demand respect premium content transmit combin platform modal contractu avail right order provid wholesal offer newscorp submit undertak includ quot endeavour claus quot acquisit dth right wholesal offer work event combin platform reason endeavour unabl acquir right broadcast dth pai tv content entitl broadcast dth reason step provid full packag content premium wholesal offer includ provis suitabl altern content bundl product commit explicitli wholesal offer provid unbundl basi license possibl benefit wholesal offer premium content pai bear cost basic content determin price wholesal offer retail minu principl commit satisfactorili lai fundament principl unduli restrict discret monitor author test assess possibl margin squeez anti competit exercis market power account separ wholesal retail oper combin platform provid coupl cost alloc carri accord principl causat inter alia identif avoid cost calcul wholesal price discount structur call rate card implement futur newscorp undertak discrimin retail oper parti retail parti retail combin platform prevent design discount structur retail oper benefit highest discount rate made wholesal oper detriment parti retail light conclud mechan wholesal offer quot retail minu principl quot enshrin regard adequ instrument resolv competit concern rais respect access dth oper pai tv market access premium content respect illegitim exercis market power dtt divest frequenc point part entir part iii commit text divestitur newscorp terrestri broadcast activ prevent extens stronghold dth technic platform extent potenti competitor pai tv competitor emerg basi final undertak submit newscorp divestitur liber analogu digit frequenc oper exploit digit frequenc assum respect relev due function allow digit technolog logic complement divestitur commit newscorp undertak enter dtt busi network oper retail provid allow altern oper emerg background undertak divest terrestri frequenc enter dtt busi suffici establish favour condit potenti entri oper fact suitabl purchas terrestri frequenc divest busi compani includ pai tv broadcast channel busi plan switchov analogu digit terrestri televis broadcast itali ensur competit constraint vi vi combin platform emerg dtt mean transmiss access platform point commit text access platform technic servic oper instrument ensur intra platform competit undertak submit newscorp long provid access combin platform view allow effect competit achiev light entri facilit pai tv market free air channel broadcast dth competit concern aris imposs parti gain access altern compet platform pre merger stream telepiù platform offset undertak offer newscorp disput resolut arbitr point commit text submit undertak larg extent behaviour effect monitor system crucial propos undertak provid effect system monitor provid disput settlement mechan involv hand privat arbitr system hand jurisdict italian commun author kei matter access platform wholesal offer durat commit latest decemb commiss consid propos durat undertak suffici guarante effect competit restor conclus commit offer newscorp light forego commiss consid commit present newscorp suffici resolv identifi anti competit effect relev market take account specif featur concentr vii telecom italia link preliminari consider pursuant quot sharehold agreement quot recit newscorp telecom italia hold minor stake combin entiti appoint member board director long hold issu vote capit merg entiti hold number right protect invest platform modif law modif corpor scope increas decreas capit issuanc secur dividend polici liquid right specif right possibl ipo initi public offer sale merg entiti newscorp minor sharehold posit telecom italia unrealist invest italian telecom incumb quot quot financi partli base fact telecom italia directli present terrestri broadcast activ free air tv la mtv pursuant quot framework agreement quot recit telecom italia particip newscorp interim pre merger fund stream close concentr deal prorata sharehold loan amount exceed parti aggreg eur telecom italia ask contribut proport loss stream incur meantim contribut addit fund post complet acquisit telecom italia newscorp particip fund combin platform mean statutori capit contribut proport sharehold amount exceed parti aggreg eur import relev telecom italia invest present deal combin platform clear particip financi support telecom italia consid kei element newscorp decis carri acquisit control combin platform contest telecom italia written observ statement object element confirm statement made notifi parti oral hear prima faci manifest industri commerci strateg fit implement result deal merg satellit platform telecom italia regard import note rapid converg take place telecom media market previous distinct distinct increasingli blur technolog evolut turn spur busi strategi model aim exploit commerci possibl brought converg market investig reveal specif concern exist relat interest combin platform elect telecom italia privileg partner telecom market parti argu contribut sterilis outset actual potenti competit constraint stem therefrom potenti lead parti develop mutual reinforc strategi behaviour market converg take place concern express fact link telecom italia combin platform eventu lead consolid strengthen domin posit held telecom italia market internet access broadband fix telephoni assess transact ignor effect forese futur link telecom italia combin platform post concentr mention telecom market commiss jurisdict assess effect minor particip telecom italia relev market merger regul repli statement object newscorp contest commiss entitl carri assess framework merger regul posit minor sharehold telecom italia potenti competitor combin platform pai tv market state merger regul confer power commiss prohibit transact ground creat strengthen domin posit held parti entiti undertak concern transact telecom italia newscorp recal number commiss decis commiss carri merger regul assess domin posit held parti concentr stake final adduc theori quot commiss correct transact creat strengthen domin posit held parti harm consum welfar quot newscorp acknowledg exxon mobil commiss conclud transact prohibit merger regul creat strengthen domin posit held parti parti held undertak concern concentr reason quot note articl merger regul state concentr creat strengthen domin posit declar incompat common market articl term limit prohibit oper give rise creation reinforc domin posit part parti concentr recit preambl regul commiss consid creation reinforc domin posit parti exclud scope applic articl merger regul quot exxon mobil commiss appli principl basi inter alia reason judgment court justic kali und salz court instanc gencor commiss grupo villar mir enbw hidroélectrica del cantábrico commiss found merger strengthen posit collect domin held electr compani undertak concern transact similarli enbw edp cajastur hidrocantábrico commiss found acquisit enbw edp cajastur joint control spanish util compani hidrocantábrico strengthen exist domin posit held collect endesa iberdrola involv notifi concentr decis commiss found edf jointli control enbw result transact longer incent exist expand electr interconnect capac franc spain elimin exist spanish electr gener main potenti independ competitor edf maintain isol spanish electr market european electr system iberian peninsula written observ telecom italia contend commiss recognis telecom italia control interest combin platform quot undertak concern quot sens merger regul commiss act ultra vire assess umbrella merger regul advers effect aris telecom italia signific minor particip combin platform market stake italian pai tv market italian telecom servic market due transact constru telecom italia contend quot present oper structur phase telecom italia control interest combin platform acquir stage acquisit fall scope merger regul commiss oblig articl articl ec treati eventu assess competit problem aris approach adopt commiss case result econom equival transact treat differ quot written submiss telecom italia contend quot strengthen telecom italia domin posit take place consequ minor sharehold combin platform concentr quot telecom italia implicitli recognis exist causal link minor particip advers effect market brought minor quot link quot telecom italia appear particip combin platform oper independ transact bring concentr commiss opinion legal reason put forward telecom italia incorrect agreement notifi newscorp telecom italia particip merger sharehold factual realiti legal relev purpos assess notifi merger pure hypothet argument advanc telecom italia made plain oral hear minor sharehold telecom italia consid quot structur part quot notifi transact interchang acquisit minor sharehold telecom italia combin platform occur stage post merger addit minor sharehold state newscorp oral hear merger achiev form notifi commiss artifici argu quot carv quot essenti part transact bring concentr evid suggest specul present acquisit minor particip stand oper telecom italia conclud post merger accord case law court justic kali und salz commiss consid decis merger regul cover transact bring concentr entireti includ minor sharehold telecom italia fail recognis transact structur maintain telecom italia minor sharehold combin platform notifi parti telecom italia show telecom italia particip ventur transact propos achiev contrari emerg oral hear presenc telecom italia essenti transact proce factual legal situat aris notifi transact enabl commiss examin assess effect transact stake includ minor sharehold relev market bring advers effect kind articl merger regul telecom italia contest quot causal link quot exist minor particip strengthen domin posit telecom market reason set commiss consid minor sharehold telecom italia integr part transact bring concentr respect recent case refer spanish competit author pursuant articl merger regul sogec canalsatélit digit vía digit commiss examin merger satellit platform spain sogec control compani promotora de informacion sa prisa group canal sa group canal vía digit control telefónica sa telefónica combin platform jointli control prisa group canal commiss found result concentr competit concern exist relat posit compani telefónica control interest ventur market telecom market directli affect concentr advers effect articl merger regul aris transact entireti bring concentr commiss conclud jurisdict carri competit assess respond claim argument made interest parti investig oral hear assess conform articl merger regul horizont effect italian pai tv market remov competit constraint combin platform gener consider transact link telecom italia monopolist pai tv platform assess perspect horizont effect gener pai tv market pai view servic video demand turn advers effect competit telecom market outset import recal pai tv servic market investig carri case reveal servic quot pai view quot ppv quot video demand quot nvod quot video demand quot vod consid segment pai tv market pre merger situat market investig carri present case shown interest telecom italia respect pai tv servic interest regard premium content mean transmiss hypothesi focu segment pai tv busi video demand pai view respect postul parti telecom italia sharehold presenc board director combin platform give telecom italia high incent strengthen platform compet pai tv market quot halt quot cabl network xdsl broadband infrastructur strateg choic appear credibl light telecom italia object recoup loss accumul past year stream joint ventur newscorp time newscorp interest keep telecom italia entiti order secur signific financi support main argument put forward procedur fact quot link quot creat converg interest compani highlight fact give parti incent develop mutual reinforc common strategi behaviour respect quot affect market quot pai tv market media telecom converg take place internet broadband access fix telephoni newscorp argument repli statement object newscorp state presenc telecom italia signific sharehold combin platform event quot control involv quot reduc telecom italia incent compet pai tv market choos enter cooper combin platform compar pre merger situat telecom italia owner fifti fifti basi stream newscorp state telecom italia credibl entrant pai tv market futur incorrect due account actual technic limit xdsl umt technolog abil provid suitabl altern dth cabl dtt broadcast pai tv servic newscorp claim gener specif respect incent combin platform enter oper strategi telecom italia burden proof appli meet requir set court instanc tetra laval case argu commiss demonstr quot merg group adopt strategi quot gener assess background commiss analys evid impact transact concern rais market investig regard italian pai tv market conclus evid gather respect make establish advers effect competit brought transact creat merger includ minor sharehold telecom italia element underpin conclus illustr detail incent combin platform exploit link consolid domin pai tv posit discrimin vi vi telecom italia true principl link entiti telecom italia potenti strengthen domin posit entiti pai tv market telecom italia domin player xdsl broadband access strong player umt futur pai tv servic video content provid end consum mean transmiss dth cabl extent todai xdsl broadband technolog dtt oper forese futur explain dth platform monopolist pai tv market actual competit expect limit due limit reach cabl network altern pai tv oper activ market market investig respect stress market investig telecom italia junctur potenti act main competit constraint entiti cabl xdsl broadband network servic parti observ link telecom italia compet incent compet platform enter pai tv market cabl network adsl light parti express concern market investig respond market test entiti incent interest exploit link telecom italia quot sterilis quot competit threat come domin player exist altern mean transmiss pai tv servic broadband internet access strong player futur mean transmiss umt sterilis object achiev suggest favour telecom italia vi vi competitor internet broadband market instanc make content telecom italia favour condit term price qualiti time return favour treatment basi link telecom italia lesser incent compet platform full scale basi exist oper commiss apprais order carri assess commiss analys inter alia state plai specif case itali xdsl technolog potenti offer pai tv servic forese futur competit satellit mean transmiss addit commiss analys incent combin platform give privileg treatment telecom italia compar competitor gener parti submiss overcom factual evid pai tv servic telecom italia exit full scale oper present signific commerci incent reactiv cabl network order offer full scale pai tv servic event xdsl broadband access technolog adsl true technolog theoret consid valid mean transmiss pai tv servic altern dth forese futur state develop adsl technolog itali requir huge invest upgrad network transport bundl tv quot broadcast quot channel transmiss allow simultan vision end user live event footbal match film commiss investig reveal telecom italia date commit resourc object rule possibl decid make invest futur event gather suffici evid market investig draw conclus telecom italia potenti entrant pai tv market quot potenti entri quot sterilis quot link quot combin platform signific extent direct indirect incent combin platform elect telecom italia prefer partner role owner cofinanc pro quota dth platform incent stem quot link quot contractu provis laid platform telecom italia purpos present transact infer conclus favour treatment combin platform vi vi telecom incumb materialis direct consequ transact bring merger includ minor particip view conclud presenc telecom italia minor sharehold combin platform strong incent elect telecom incumb privileg partner sterilis potenti competit threat stem telecom italia strengthen domin posit pai tv market itali incent combin platform telecom italia develop parallel joint conduct strategi limit remain scope competit constraint true transact link monopolist pai tv platform telecom italia gener signific incent parti pai tv market pai view servic video demand turn advers effect competit telecom market telecom italia combin entiti coordin activ regard full scale pai tv servic video demand multimedia interact servic stem media converg market investig market investig submit parti commiss unreason expect combin platform exploit link telecom italia order access wide custom base enlarg subscrib base extract advantag link telecom incumb includ common commerci initi expect telecom incumb combin platform adopt form tacit explicit cooper parti affirm link quot sterilis quot competit threat parti incent enter agreement joint offer purchas product servic custom made enhanc respect market posit cross exploit asset infrastructur parti stress potenti risk aris abil parti enter preferenti agreement distribut content combin platform bundl multimedia audiovisu content telecom servic emerg market test link minor sharehold presenc board director entiti telecom italia incent suffici margin manoeuvr enter strateg allianc agreement detriment effect potenti competitor entiti parti contribut give combin platform telecom italia respect market unrival competit posit vi vi competitor facilit adopt parallel strategi behaviour quot market partit quot segment pai tv market respect interest limit scope competit pressur absenc link telecom italia exercis margin italian pai tv market newscorp argument newscorp state combin platform incent cooper post merger telecom italia materi affect merger platform telecom italia commit contract involv project quot question combin platform seek maintain telecom italia goodwil telecom italia control combin platform combin platform ration strategi enter cooper arrang profit strategi combin platform quot commiss apprais background commiss carefulli analys argument scenario bear mind legal requir advers effect competit aris transact bring concentr light factual evid gather commiss entir procedur show absenc possibl telecom italia exercis de facto quot decis influenc quot strateg commerci behaviour combin platform platform telecom italia incent develop parallel joint conduct strategi result risk substanti affect competit materialis due notifi transact conclud market investig provid suffici evid establish risk competit highlight parti procedur materialis forese futur consequ transact bring merger includ minor particip telecom italia combin platform conclus unreason light histor background context notifi merger take place link telecom italia combin platform signific minor sharehold member board director remov sourc potenti competit conclus establish link contribut strengthen domin posit combin platform italian pai tv market telecom servic market concentr strengthen domin posit incumb telecom italia telecom italia oper itali inter alia provid fix telephoni servic mobil satellit telephoni servic internet servic provid isp wholesal retail level telecom italia activ provid websit creation servic sell line advertis space provid multimedia servic busi area telecom italia relev context concentr internet access fix telephoni servic relat provis multimedia servic telecom italia hold domin posit itali broadband internet access market fix telephoni market analysi post transact advers effect competit identifi telecom market gener consider combin platform exclus right exploit import sport content limit footbal movi whilst right date exploit satellit italian market exist neg exclus right holdback provis contract make combin entiti prevent part content platform transmiss instanc internet extent worth note proceed iaa abort quot mirror quot agreement refer recit combin platform propos inter alia commit waiv neg exclus right holdback right platform dth market investig market investig confirm multimedia right held combin platform footbal sport content suitabl exploit relat mean transmiss dth network infrastructur internet cabl satellit content footbal event suitabl transmiss quot stream quot modal xdsl technolog instanc main action footbal match connect procedur parti contend due foothold combin platform telecom italia advantag posit obtain privileg sublicens exclus right combin platform content exploit mean transmiss hold notabl broadband internet access instanc risk highlight telecom italia portal content condit instanc real time portal isp put unfair competit disadvantag context true favour treatment materialis current market power telecom italia result inter alia directli wide custom base ultim enhanc abil increas lock custom launch offer bundl servic includ broadband internet access fix telephoni multimedia content servic call quot tripl plai quot offer enorm custom base incumb attract relev element advertis content provid oppos smaller custom base incumb competitor scenario risk exist incumb competitor match tripl plai offer telecom italia consequ telecom licens oper olo likelihood increasingli appeal advertis content provid newscorp argument newscorp strongli contest fact transact strengthen telecom italia domin posit broadband internet access fix telephoni preferenti access combin platform content allow unmatch quot tripl plai quot offer contrari newscorp state quot obviou sharehold combin platform favour telecom italia combin platform incent grant telecom italia prefer access content combin platform control telecom italia determin commerci strategi combin platform seek maintain telecom italia goodwil telecom italia commit invest contract combin platform ration strategi grant access content arm length basi normal commerci term parti includ limit telecom italia quot telecom italia argument telecom italia state particip combin platform financi invest telecom italia quot industri commerci strateg fit wish gain minor stake decid exit pai tv market previou mirror agreement acquisit sole control combin platform vivendi group finalis sold entir particip reason remain minor sharehold combin platform link possibl recuper invest made simpl financi decis quot commiss apprais background commiss analys impact transact competit concern strengthen domin posit telecom italia relev italian telecom market broadband internet access fix telephoni mention commiss establish favour treatment combin platform vi vi telecom italia compar isp olo materialis consequ transact bring concentr includ minor particip telecom incumb conclus view forego conclud evid gather procedur suffici establish advers effect competit italian telecom market result transact bring merger includ minor sharehold telecom italia conclus telecom italia link merger lead strengthen telecom italia domin posit durabl basi telecommun market broadband internet access fix telephoni brought assess link telecom italia combin entiti undertak relat telecom italia mention recit march newscorp submit revis set commit hereinaft refer quot undertak quot quot commit quot accord articl merger regul purpos achiev clearanc concern merger state commit build remedi submit commiss octob januari commit propos newscorp part relat combin platform telecom italia summari commit offer newscorp march relat telecom italia point commit text commit offer newscorp relat relationship telecom italia provid newscorp make joint offer telecom italia combin pai tv servic internet broadband access discrimin favour telecom italia sublicens audio visual content induc client rout interact servic return path telecom italia enter strateg agreement telecom italia prior approv commiss undertak telecom italia remain forc long telecom italia hold sharehold member board director combin platform assess commit telecom italia light find conclus commiss take note commit offer newscorp respect relat telecom italia commit constitut condit oblig decis viii conclus reason set conclud subject complianc commit enter newscorp propos concentr creat strengthen domin posit market suppli pai tv servic market acquisit exclus right premium movi footbal event plai year nation team particip sport event market tv channel result effect competit significantli imped common market substanti part concentr declar compat common market pursuant articl merger regul eea agreement pursuant articl thereof subject complianc commit set annex adopt decis articl notifi oper new corpor limit newscorp acquir control undertak telepiù spa stream spa declar compat common market eea agreement articl articl subject full complianc newscorp commit set annex except point part ii articl decis address new corpor limit avenu de america york ny unit state america brussel april commiss mario monti member commiss oj correct version oj oj oj oj case comp telecom italia new televis stream publish commiss websit http europa eu int comm competit merger case decis italian antitrust author iaa case part text edit ensur confidenti inform disclos part enclos squar bracket mark asterisk commiss decis septemb case iv abc general de eaux canal smith tv recit septemb case rtl veronica endemol recit mention decis publish commiss websit http europa eu int comm competit merger case commiss notic definit relev market purpos commun competit law oj point short term intend quot period entail signific adjust exist tangibl intang asset quot respect quot churn rate quot measur disaffect custom vi vi pai tv repli rise induc subscrib quot switch quot respect point spain quiero tv transmit pai tv dtt broadcast mid unit kingdom itv transmit dtt unit kingdom decis case ntl cwc http www competit commiss org uk fulltext pdf itali decis iaa mention footnot group canal stream merger date spain decis spanish govern sogec canalsatélit digit vía digit case novemb case comp jv bskyb kirch pai tv case iv bertelsmann kirch premièr case comp univers studio network de facto ntl studio channel case comp jv tp case comp sogec canalsatélit digit vía digit decis featur pai tv viewer decrypt modul decod context point present set top box need digit terrestri satellit free tv decis publish commiss websit http europa eu int comm competit merger case case comp univers studio network de facto ntl studio channel decis commiss date decemb publish commiss websit http europa eu int comm competit merger case case comp jv bskyb kirch pai tv decis commiss date march publish commiss websit http europa eu int comm competit merger case pai view servic addit pai tv subscript client pai product product basi content film sport event video demand video demand modal custom pai tv access video content personalis basi instanc appear case unit kingdom channel case comp jv bskyb kirch pai tv case iv bertelsmann kirch premièr commiss decis offici journal case comp sogec canalsatélit digit vía digit decis commiss date august publish commiss websit http europa eu int comm competit merger case fox compani part newscorp group activ develop product worldwid distribut featur film televis channel suppli product itali film entertain comp rtl veronica endemol comp vivendi canal seagram case uefa broadcast regul comp univers studio network de facto ntl studio channel comp jv tp comp sogec canalsatélit digit vía digit commiss websit http europa eu int comm competit merger case gener issu introduc settl abovement decis tp march recit decid abovement merger decis octob case comp vivendi canal seagram exist separ market acquisit tv right footbal event plai regularli year statement object case comp joint sell tv right uefa champion leagu exclus basi press releas ip date juli quot commiss open proceed uefa sell tv right uefa champion leagu quot background note memo date case comp sogec canalsatélit digit vía digit abovement decis octob case comp vivendi canal seagram case comp sogec canalsatélit digit vía digit gener speak film pai tv exhibit time window time period theatric exhibit month video rental sale month film reach pai tv consum pai view period month period film releas window month period window month period final part major librari free tv market case comp vivendi canal seagram decis date octob case comp sogec canalsatélit digit vía digit decis date august publish commiss websit http europa eu int comm competit merger case case comp vivendi canal seagram recit pai tv exhibit right suppli larger produc acquir call output deal output deal agreement typic agreement pursuant film produc sell product studio oper output deal pai tv pai tv oper bui window tv broadcast subsequ home video pai view video demand case film subject exhibit window price contract take account box offic result movi theatric distribut typic free tv broadcast purchas subsequ exhibit window commonli refer free tv window case comp vivendi canal seagram case comp sogec canalsatélit digit vía digit case uefa broadcast regul case comp canal rtl gjcd jv case comp sogec canalsatélit digit vía digit case iv tp oj case comp sogec canalsatélit digit vía digit univers mobil telecommun system decis italian antitrust author iaa paragraph case new corpor goldman sach media confer octob http www newscorp investor present html decreti legislativi approvati dal consiglio dei ministri del april attuazion della direttiva comunitaria ce concernent dei segnali televisi decreto legislativo maggio attuazion della direttiva ce materia di emission di signali televisi ref guri legg delibera agcom digit switchov broadcast final report april bipe consult studi european commiss publish dg inform societi case earlier deploy dtt technolog base unrealist coverag assumpt case iv bertelsmann kirch premier iv british interact broadcast open oj recit case iv british interact broadcast open encrypt data transmit compris televis signal data inform programm packag programm subscrib entitl pai tv subscrib receiv programm smart card miniatur comput microprocessor memori intern oper system oper secur barrier grant deni access servic biggest provid ca eea level nd belong newscorp group canal technolog belong vivendi group sold thomson multimedia group septemb mention previou case commiss look ca context wider market technic servic pai tv case iv british interact broadcast open oj recit commiss held narrow product market exist skill technolog underli individu technic servic pai tv direct ec european parliament council octob standard transmiss televis signal oj direct ec european parliament council march access interconnect electron commun network facil access direct oj agcom italian author commun decis con effect implement simulcrypt telepiù stream year oper fine italian author commun agcom compli oblig paragraph newscorp defenc paragraph newscorp defenc case comp telia sonera recit decis date juli commiss websit http europa eu int comm competit merger case paragraph newscorp defenc digitali posit stream epg chang time year paragraph newscorp defenc case paragraph tetra laval judgment total amount monei paid itali right premium film reduct market share volum due fact telepiù film produc american major expens view theatr except italian film window right acquir la box offic stem film exclus right purchas market paragraph newscorp defenc http europa eu int comm competit merger review final draft en pdf paragraph newscorp defenc council direct eec octob coordin provis laid law regul administr action member state pursuit televis broadcast activ oj amend direct ec european parliament council oj regul administr action member state pursuit televis broadcast activ oj http europa eu int eur lex de consleg pdf de pdf roma lazio parma explain footbal club medium small reluct sell right free air tv pai tv platform possibl broadcast match time order preserv attend stadium free air tv compet acquisit right uefa cup uefa champion leagu coppa italia live right exclus right roland garro applic relat eurosport provid eurosport transmit match quarter final onward languag italian exclus right open applic relat eurosport provid eurosport transmit match quarter final onward languag italian live right document word quot studio quot identifi hollywood major italian film produc window right exploit franc tp establish signific competitor canal belgium cinenova direct ec european parliament council octob standard transmiss televis signal oj direct ec european parliament council march access interconnect electron commun network oj commiss decis decemb relat proceed pursuant council regul eec case iv kali salz mdk treuhand oj case comp basf eurodiol pantochim decis juli oj publish commiss websit http europa eu int comm competit merger case join case franc commiss point judgment join case commiss decis februari relat proceed council regul eec case iv rew meinl oj document attach newscorp defenc expert report financi viabil stream spa document allegedli show stream financi viabl stand busi forese futur absent continu fund sharehold forc bankruptci half telecom italia submiss oral hear held march telecom italia gave mandat financi institut sell stake stream articl ii paragraph fund articl iv paragraph fund combin platform framework agreement point written observ telecom italia repli confidenti version european commiss statement object pursuant council regul ec notif time limit hear provid merger regul paragraph newscorp defenc paragraph newscorp defenc case iv recit join case franc commiss ecr paragraph court state quot concentr creat strengthen domin posit part parti concern entiti involv concentr liabl prove incompat system undistort competit treati seek secur accept concentr creat strengthen domin posit part parti concentr cover regul purpos partial frustrat regul depriv insignific aspect effect perspect gener structur commun system control concentr quot case gencor commiss ecr ii case comp case comp recit recit case comp transact final approv edf french grid oper edf rte submit undertak step increas capac interconnector connect franc spain mw exist mw paragraph paragraph mention written observ paragraph written observ paragraph written observ comp sogec canalsatélit digit vía digit decis commiss date august commiss websit http europa eu int comm competit merger case comp case concern acquisit promotora de informacion sa prisa group canal joint control combin spanish satellit platform stem integr sogec vía digit ventur telefónica posit signific minor sharehold joint control merg entiti recit mention merger decis sogec internet access market spain fix telephoni market spain pai view servic addit pai tv subscript client pai product product basi content film sport event video demand video demand modal custom pai tv access video content personalis basi paragraph newscorp defenc case tetra laval sa commiss judgment octob paragraph paragraph newscorp defenc applic burden standard proof join case franc commiss ecr paragraph context internet access term quot bandwidth quot refer speed inform transfer higher bandwidth higher speed line inform telecommun system transfer modern applic internet video demand requir transmiss larg amount inform requir high speed broadband interconnect usabl final subscrib kind high speed band repres quot xdsl quot digit subscrib line technolog number variant dsl technolog adsl assymmetr digit subscrib line hdsl high data rate digit subscrib line vdsl high rate data digit subscrib line collect refer quot xdsl quot technolog broadband servic offer exist copper line hook call quot enabl quot technolog quot xdsl quot digit subscrib line technolog xdsl technolog capabl effect convert copper pair high speed digit line overcom technic limit tradit copper local loop respect cabl network infrastructur broadband internet access offer similar perform vi vi end consum consid substitut xdsl technolog demand standpoint virtual telecom italia activ cabl network project interrupt possibl concern complet exist cabl network itali call project socrat initi aim connect million household hyber fiber coaxial hfc network instanc order increas width present network function long term local level paragraph newscorp defenc competitor telecom italia respect broadband internet access servic fastweb biscom wind tiscali albacom gruppo net mci worldcom busi client compani competitor telecom incumb fix telephoni servic wind infostrada albacom fastweb tiscali paragraph newscorp defenc paragraph telecom italia observ annex full origin text condit oblig refer articl consult commiss websit http europa eu int comm competit index en html