Bauer Radio Ltd / TIML Golden Square
Anticipated acquisition by Bauer Radio Limited of TIML Golden Square Limited (Absolute Radio) The OFT’s decision on reference under section 33(1) given on 20 December 2013. Full text of decision published 10 January 2014. Please note that the square brackets indicate figures or text which have been deleted or replaced in ranges at the request of the parties or third parties for reasons of commercial confidentiality. PARTIES 1. Bauer Radio Limited ('Bauer') is a UK-based division of Bauer Media Group, a multi-national media group covering print, online, radio and TV. In 2012, Bauer's total UK radio turnover was approximately £[ ]million with advertising revenues accounting for approximately £[ ]million. Bauer currently holds 41 local and eight national commercial radio licences which Bauer transmits on AM, FM, digital audio broadcasting ('DAB'), Digital Terrestrial Television ('DTT'), satellite, cable and the internet across the UK. Bauer's key brands include Kiss and Magic in addition to multiple local radio stations. 2. Absolute Radio ('Absolute') is owned by TIML Golden Square Limited ('TIML'), which is in turn owned by TIML Global Limited, a subsidiary of The Times of India Group. Absolute's 2012 UK turnover is £[ ]. Absolute Radio broadcasts across its national AM licence, a London FM licence and national DAB services, all under the Absolute brand. 1 TRANSACTION 3. On 26 July 2013, Bauer signed a Share Purchase Agreement to acquire the entire issued share capital of TIML, the owner of Absolute Radio (the 'Merger'). Completion of the Merger is subject clearance by the UK competition authorities. 4. On 25 October 2013, the OFT received an informal submission from the parties concerning the Merger.
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