The Antimonopoly Office of the Slovak Republic (PMU) has concluded (13 November) its nearly year-long investigation into the acquisition of the Slovak tabloid Nový Čas by News and Media Holding (NMH), part of the Penta Group, citing limitations in its oversight powers under current law. The inquiry, initiated in response to media reports about the 2023 purchase, highlighted the need for Slovakia to reform its competition regulations to better address similar cases in the future.
The PMU launched the probe upon learning from media coverage that NMH’s acquisition of Nový Čas—Slovakia’s most-read daily tabloid—did not trigger mandatory notification requirements due to turnover thresholds. Despite the lack of notification, the PMU sought to assess whether the transaction created a concentration in the media sector that warranted scrutiny under competition law.
The PMU’s analysis of financial records confirmed that Nový Čas’s turnover in 2022 and prior years was below the €14 million threshold required for mandatory notification. Furthermore, the investigation found no evidence of covert control by Penta prior to 2023, nor any grounds to classify the acquisition as an abuse of dominance under the EU’s Towercast ruling.
The PMU’s findings underscored a regulatory gap: Slovak merger control rules rely on financial thresholds that can overlook acquisitions involving key competitors in concentrated markets, such as the media sector. These “roll-up” acquisitions allow larger entities to acquire smaller competitors incrementally without triggering notification, ultimately enabling market dominance without oversight.
Acknowledging the shortcomings exposed by the Nový Čas case, the PMU has proposed adopting a “call-in” model, empowering it to request notification of potentially problematic concentrations even if they fall below standard turnover thresholds. This model, used in eight EU countries and other European jurisdictions, enables competition authorities to assess acquisitions that, while small in scale, may significantly affect market dynamics.
The PMU believes a call-in tool would help it monitor acquisitions that risk distorting competition, particularly in sectors where incremental acquisitions are common, such as media and pharmaceuticals. The PMU also raised the option of industry-specific notification rules for sectors prone to market concentration.
The PMU plans to open discussions with stakeholders to advocate for reforms to the Economic Competition Act. These legislative updates would allow the PMU to evaluate smaller but significant acquisitions and safeguard effective competition in Slovakia’s media landscape and beyond.
PMU’s proposal follows a failed attempt to introduce similar legislative changes in 2021.
