Oireachtas Joint and Select Committees

Tuesday, 7 February 2017

Joint Oireachtas Committee on Communications, Climate Action and Environment

Proposed Acquisition of Celtic Media by Independent News & Media plc: Discussion

12:00 pm

Photo of Tim LombardTim Lombard (Fine Gael) | Oireachtas source

I will be brief. I welcome the witnesses. We have had a very informative discussion. The key issue is media ownership and media survival. Listening to today's contributions, it is evident that media ownership is one thing but whether the media will survive in the future is the key issue. When one looks at the reduction in sales, which was 65% in recent years, the main issue is if the merger goes ahead, will all the eggs in the media industry will be in the one basket and if that large conglomerate will survive. That is my question for the witnesses. I am concerned about the financial viability of the media industry taking into consideration media platforms such as Facebook and Google. If the merger goes ahead, how will the media conglomerate survive in the future?

Reference was made to the significant losses in the late 2000s.

Let us consider this proposed purchase, whatever the figure is. Is INM in a financial position to take on board the new proposal yet stay afloat? What are its aims? If an acquisition takes place and if we put all our eggs in one basket, I worry whether that basket be strong enough to support the industry going forward? There are 98 jobs at stake. The acquisition must take place as it is the only financial way to ensure these 98 jobs are supported. I want reassurance from the main undertaker that it has the capabilities and financial supports to ensure that the jobs survive.

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