Mr. Gerry Lennon:

I have 30 years experience in the Irish newspaper industry, having joined INM in 1992 and am managing director of INM regional titles. INM is a fully committed publisher of regional newpapers. We have some of the oldest papers in the country and are very proud of them. We publish 13 regional titles, including the Drogheda Independent, the Argusin Dundalk, Wicklow People, Wexford People, The Kerryman, The Corkmanand The Sligo Champion, in Louth, Wexford, Wicklow, Cork, Kerry and Sligo. INM takes its role as custodian of these titles very seriously and we have great belief in the future of local press. Local newspapers provide quality local news for local people. Social media platforms such as Facebook, although hugely popular and used by almost everybody in the country, cannot provide the professionally produced content presented by our local journalists. Our elected and appointed officials engage with their community through their local papers and news of what happens locally is vital. The employment of local people produces a multiplier effect as the wages earned by employees of local papers are spent in the local community. The importance of local papers was best summarised by the Taoiseach and reported in The Sligo Weekender, a competitor title to ours, in Sligo at the launch of local newspaper week in October 2011:

Of course, the first duty of local papers is to inform the reader, both on local and national stories, but they also do much more than that. In fact they are a vital part of the fabric of rural life, serving to cement our links to our communities and always providing an insight into the bustling society of Ireland's towns and villages.

Celtic Media Newspapers employs just short of 100 people in Meath, Cavan, Westmeath, Offaly and Mayo. Approximately 45 people are employed in the company's print plant in Navan. Like all regional newspapers, the company has experienced some difficulties. It has had significant investment in a new publishing system and has funded redundancies, allied to ever-declining revenues. Unfortunately, ever-declining revenues are what we, in the print business, are facing. The long-term viability and quality of Celtic Media Newspapers could be at risk if the proposed transaction does not go ahead.

The Competition and Consumer Protection Commission determined that, although both INM Holdings and Celtic Media are involved in publishing local and regional newspapers, the proposed transaction "does not give rise to horizontal overlaps in different local-regional areas for the publication of local-regional newspapers based on readership". This is demonstrated in a map in the written submission. If the transaction proceeds, there will be 14 counties in the Republic of Ireland with no INM regional or Celtic Media title. In each of the areas where Celtic Media and INM regionals currently operate there are numerous other competing titles, which are further detailed in our written submission.

Under INM ownership there will be no change to Celtic Media's current editorial policy and practice. Editors of Celtic Media's titles, along with INM's regional editors, will continue to have full autonomy over the content of their newspapers. Celtic Media newspapers will retain their individual editorial standards and these will be exactly the same to the readers of those publications as they are now. By providing financial support to Celtic Media the proposed transaction will secure the future of Celtic Media's titles and related high quality employment in Meath, Westmeath, Cavan, Offaly and Mayo. The proposed acquisition will ensure that the distinctive voice of Celtic Media newspapers will continue long into the future.