Antitrust Law Daily Wrap Up, ACQUISITIONS & MERGERS NEWS: EC clears acquisition of Awesomeness TV by Verizon, (Jul 6, 2016)

By Linda O’Brien, J.D., LL.M.

The European Commission (EC) has approved under the European Union (EU) merger regulation the acquisition of joint control of media and entertainment company Awesomeness TV by Verizon Communications, Inc., both of the United States, the EC announced yesterday.

Awesomeness TV produces video content and is a joint venture currently held by Hearst Corporation and DreamWorks Animation, both of the United States. Hearst is a provider of media and information. DreamWorks is a company that creates animated feature films, original TV series, and interactive media. Verizon is a provider of communications, information, and entertainment products and services to consumers, businesses, and governmental agencies.

The Commission concluded that the proposed acquisition would raise no competition concerns because there are only minimal overlaps between the companies' activities in relation to the production and licensing of audio-video content in the European Economic Area (EEA).

Complex Media joint acquisition. The EC also has approved under the EU merger regulation the acquisition of joint control over Complex Media, Inc. by Hearst and Verizon, all of the United States.

Complex Media is a provider of digital media content focused on American popular culture. Hearst is a provider of media and information and Verizon is a provider of communications, information, and entertainment products and services to consumers, businesses, and governmental agencies.

The Commission concluded that the proposed acquisition would raise no competition concerns. There are only minimal overlaps between the companies' activities in relation to the production and licensing of audio-video content in the EEA.

Barclays Bank-Bancopopular-e merger. The proposed acquisition of the payment business of Barclays Bank in Spain and Portugal by Bancopopular-e has been approved by the EC under the EU merger regulation. Bancopopular-e is a joint venture controlled by Banco Popular of Spain and private fund manager Värde Partners of the United States.

In addition to its payment card business, Barclays Bank has a very small presence in the market for the distribution of insurance services in Spain and Portugal. Bancopopular-e provides services related to the issuing of payment cards and to insurance distribution within the Spanish market.

The Commission concluded that the proposed transaction would raise no competition concerns, given the companies' moderate combined market positions resulting from the transaction and the presence of a number of strong players that will remain in the market.

Companies: Awesomeness TV; Verizon Communications, Inc.; Hearst Corporation; Complex Media, Inc.; Barclays Bank; Banco Popular; Värde Partners

News: AcquisitionsMergers Antitrust