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

Yes. I think there are trade-offs to be made here. It becomes harder with organic growth, I think, than with the case of mergers and acquisitions. With organic growth, I guess -- let's imagine we're talking about a world in which it has been suggested or that has -- a cap on market share has been introduced of, say, 25 per cent and the company is very successful in building readers and breaches that limit. There is then a difficult choice to be made. The plurality case may be to tell that company it has to stop being so successful. The interest of securing high quality news may be -- which people like to read or to watch or consume may work in the other direction.

Where there is a merger and acquisition being proposed, I think it is slightly more straightforward, that you're not intervening in the case of something which has developed in the market. It's, if you like, a more artificial transaction.

Likewise, if you think about a threshold applying in a world of organic growth, a company, a newspaper or a broadcaster could find itself going above the threshold purely because somebody else has done badly, which again would seem rather unfair, to take action on the successful company if the reason it has increased its market share is because somebody else has lost readers or viewers or has exited the market.

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