The Prime Minister has said he shares the frustration of the KM Group after its bid to buy seven newspapers in Kent from Northcliffe Media was scrapped after being referred to the Office of Fair Trading.
The Guardian reported that he told newspaper executives “not to give up” on merger deals but backed the UK’s competition authorities.
Mr Cameron said: “I’m afraid though that through the OFT we have a competition authority in place to make very difficult decisions. Don’t give up on those arguments.
“You clearly face a challenging time which [will] involve some companies coming together. You have to make a case to the OFT [but] competition authorities have to be independent.”
Geraldine Allinson, the KM Group chairman, who sat next to the PM at the Newspaper Society lunch, argued that her company could not afford the ‘completely unreasonable’ costs to see the deal through.