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Document 52026M11539

Opinion of the ADVISORY COMMITTEE on MERGERS at its meeting on 10.6.2025 concerning a draft decision in case M.11539 – LIBERTY MEDIA / DORNA SPORTS – Rapporteur: Belgium

C/2025/3930

OJ C, C/2026/1688, 19.3.2026, ELI: http://data.europa.eu/eli/C/2026/1688/oj (BG, ES, CS, DA, DE, ET, EL, EN, FR, GA, HR, IT, LV, LT, HU, MT, NL, PL, PT, RO, SK, SL, FI, SV)

ELI: http://data.europa.eu/eli/C/2026/1688/oj

European flag

Official Journal
of the European Union

EN

C series

C/2026/1688

19.3.2026

Opinion of the ADVISORY COMMITTEE on MERGERS at its meeting on 10.6.2025 concerning a draft decision in case M.11539 – LIBERTY MEDIA / DORNA SPORTS

Rapporteur: Belgium

(C/2026/1688)

Concentration

1.

 The Advisory Committee (12 Member States) agrees with the Commission that the notified transaction constitutes a concentration within the meaning of Article 3(1)(b) of the Council Regulation (EC) No 139/2004 of 20.1.2004 on the control of concentrations between undertakings (the ‘Merger Regulation’) (1).

Market definition

Product market definition

2.

 The Advisory Committee (12 Member States) agrees with the following conclusions reached by the Commission in the draft Decision in relation to the definition of the relevant product markets for the licensing of broadcasting rights of sports content.

(a)

That the relevant product market for the licensing of broadcasting rights of sports content is wider than motorsports content only;

(b)

That it can be left open whether the relevant product market is the market for the licensing of broadcasting rights of all sports content or the market for the licensing of broadcasting rights of regular non-premium sports content.

3.

 The Advisory Committee (12 Member States) agrees with the conclusions reached by the Commission in the draft Decision in relation to the definition of the relevant product markets for:

(a)

Retail supply of AV content;

(b)

The right to host, stage, and promote racing events;

(c)

Sponsorship and advertising for sports events;

(d)

Provision of hospitality packages services for sports events.

Geographic market definition

4.

 The Advisory Committee (12 Member States) agrees with the conclusions reached by the Commission in the draft Decision in relation to the definition of the relevant geographic market for the following product markets for:

(a)

Licensing of broadcasting rights of sports content (i.e., national);

(b)

Retail supply of AV content (i.e., national);

(c)

Award the right to host, stage, and promote racing events (i.e., worldwide);

(d)

Sponsorship and advertising for sports events (i.e., at least EEA-wide, if not worldwide);

(e)

Provision of hospitality packages services for sports events (i.e., worldwide).

Competitive assessment

5.

 The Advisory Committee (12 Member States) agrees with the Commission’s assessment that the Transaction is unlikely to significantly impede effective competition as a result of horizontal non-coordinated effects on the markets for the licensing of broadcasting rights of (regular, non-premium) sports content in:

(a)

Spain;

(b)

Czechia;

(c)

Italy;

(d)

Malta;

(e)

The Netherlands;

(f)

Germany.

6.

 The Advisory Committee (12 Member States) agrees with the Commission’s assessment that Mr. John Malone does not exert decisive influence over Liberty Global, such that the Transaction does not give rise to vertically affected markets.

7.

 The Advisory Committee (12 Member States) agrees with the Commission’s assessment that, even if Mr. John Malone were to exert decisive influence over both Liberty Media and Liberty Global, the Transaction is unlikely to significantly impede effective competition as a result of vertical, non-coordinated effects arising from input foreclosure of competing retail broadcasters in the Netherlands.

8.

 The Advisory Committee (12 Member States) agrees with the Commission’s assessment that, even if Mr. John Malone were to exert decisive influence over both Liberty Media and Liberty Global, the Transaction is unlikely to significantly impede effective competition as a result of vertical, non-coordinated effects arising from customer foreclosure of competing licensors of sport rights in Belgium and the Netherlands.

Compatibility with the internal market and the Agreement on the European Economic Area

9.

 The Advisory Committee (12 Member States) agrees with the Commission that the notified concentration must therefore be declared compatible with the internal market and the Agreement on the European Economic Area (2) in accordance with Article 2(2) and Article 8(1) of the Merger Regulation and Article 57 of the Agreement on the European Economic Area.

(1)   OJ L 24, 29.1.2004, p. 1.

(2)   OJ L 1, 3.1.1994, p.3.

ELI: http://data.europa.eu/eli/C/2026/1688/oj

ISSN 1977-091X (electronic edition)

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