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Rigorous Fearless Independent

Alice said "Even though [aggregation] seems like a small portion of an entire revenue mix, those relationships are important because it helps dictate the way in which news will be consumed going forwards. It's the wider question of 'what's the relationship between tech and the publishers?’"

Alice, while supportive of aggregation innovation from within the industry, believes that the key news aggregation questions in the future will be driven by the 'big tech - publisher' relationship since aggregation needs eyeballs to work, she says.

She added "Do you make deals with the big platforms? Because that's probably where aggregators are heading for the future? Or do you just stick it out alone?" 

Abi said even after a busy stretch of M&A, media companies enter 2022 as hungry as they’ve ever been to make acquisitions, Future among them. In particular, Future’s proprietary tech stack enables the company “to drive almost instant revenue growth."

She added “It is highly likely that, in common with other magazine publishers, its revenues depend on a few key assets, and that there is a long-tail of underperforming businesses."

The CMA has provisionally found against the sale of CK Hutchison's (CKH's) UK towers rights to Cellnex.

Although the proposed deal increases towers competition relative to the status quo, the CMA appears to be concluding that it would prefer a deal that increases competition to an even greater extent.

The CMA should question whether it has come to the right decision given: the tenuous validity of its arguments; that its view is not shared by those that it is seeking to protect; and the potential significant implications for the mobile industry.

It comes as Times reported 8.3 million digital and print subscribers, and an ambitious goal of reaching 10 million subscribers by 2025.

According to PitchBook, The Athletic, which has more than 1.2 million subscribers, has raised around $145m (£107m) in venture funding since 2016. However, the company is yet to turn a profit, recording a $41m (£30m) loss in 2020.

François said it was nevertheless a “good move”, praising The New York Times’ shift into industry verticals.

Comparing the renowned publication to a tech company, he said: “As a tech company, they are doing what other tech companies are doing; they are buying promising young companies that will reinforce their market position.”