The transcripts of the official inquiry into the culture, practices and ethics of the press. More…

I guess the biggest concern is a regulatory one, where I remain unconvinced that the regulator is seeing the market for what it is now, ie. it's still applying those very narrow definitions of print markets and allowing any further consolidation or M&A activity in the regional newspaper market rather than understanding now that we are competing for readers' eyeballs and advertising revenue in a much broader sense than we have ever done before. So the BBC online locally is a big competitor. Google will be a competitor. Rightmove will be a competitor, because -- you know, that's just simply what's happened to our business. But I do fear that despite an enormous amount of work that we've done over the last few years, that that's still not well enough and properly understood. And that's the biggest thing that could hamper that should -- for us, should consolidation be in the interests of our shareholders, the concern would be that that wouldn't be allowed to happen. I can't say that it wouldn't but it's a concern and we saw --

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