Trinty International Holdings plc and Joseph Woodhead & Sons Limited: A report on the proposed transfers of controlling interests as defined by section 57(4) of the Fair Trading Act 1973

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Summary

On 13 August 1993 we were asked to investigate and report on the proposed transfers to Trinity International Holdings plc (Trinity) of the newspapers published by Joseph Woodhead & Sons Limited (Woodhead) and set out in Appendix 1.1. Trinity publishes newspapers in England, Wales, Scotland and North America. The proposed transfers would be implemented by the purchase of the entire share capital of Woodhead, a privately-owned Huddersfield-based company which publishes newspapers in West Yorkshire.

We consider the public interest issues arising from the proposed transfers under three headings: accurate presentation of news and free expression of opinion; concentration of ownership and competition for readers and advertisers; and employment and employment-related matters.

The accurate presentation of news and free expression of opinion has been considered in two recent MMC inquiries involving Trinity. Trinity agrees broad editorial and advertising policies with the management of its newspapers, based on the perceived requirements of readers and advertisers in the communities where the newspapers are published. Its newspapers do not follow a common editorial line. We see no reason to believe that Trinity will change its existing policy in respect of editorial independence after the proposed transfers.

At national level the proposed transfers would increase Trinity's share of regional and local newspapers from 3.5 to 3.9 per cent. The company would remain the eighth largest UK publisher of regional and local newspapers. The proposed acquisition by Trinity of the newspapers published by Argus Press Ltd through its subsidiary Argus Newspapers Ltd, on which we are reporting separately, would increase its market share to 5.3 per cent, improving its ranking to sixth. At regional and local level there is no overlap between the geographic areas in which the Trinity and Woodhead newspapers are circulated/distributed, nor are they contiguous. We conclude that the proposed transfers would have no adverse effect on competition for readers or advertisers.

The proposed transfers would have minimal effects on employment.

We conclude that the proposed transfers may be expected not to operate against the public interest.

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