?url_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Adc&rft.relation=https%3A%2F%2Fpublications.ut-capitole.fr%2Fid%2Feprint%2F48439%2F&rft.title=Media+Mergers+in+Nested+Markets&rft.creator=Martimort%2C+David&rft.creator=Sand-Zantman%2C+Wilfried&rft.subject=B-+ECONOMIE+ET+FINANCE&rft.description=We+analyze+the+effect+of+media+mergers+in+a+model+that+stresses%2C+on+the+one+hand%2C+the+fact+that+media+are+two-sided+platforms+willing+to+attract+advertisers+and+viewers+and%2C+on+the+other+hand%2C+that+strong+competitors+have+emerged+to+challenge+traditional+media+on+both+sides.+We+show+that+a+merger+has+two+conflicting+effects+on+traditional+media%E2%80%99s+incentives+to+invest+in+quality+programs+and+to+exploit+their+market+power.+When+competition+is+primarily+between+traditional+media%2C+a+Business-Stealing+Effect+dominates%2C+and+the+merger+is+detrimental+to+advertisers+and+viewers.+When+the+competition+is+mainly+between+the+traditional+media+and+their+new+competitors%2C+an+Ecosystem+Effect+dominates%2C+and+the+merger+benefits+advertisers+and+viewers.+We+extend+this+setting+to+discuss+the+role+of+financial+constraints+that+might+limit+investments+in+the+quality+of+programs+and+show+that+the+same+effects+are+at+play.&rft.publisher=TSE+Working+Paper&rft.date=2023-12&rft.type=Monograph&rft.type=NonPeerReviewed&rft.format=text&rft.language=en&rft.identifier=https%3A%2F%2Fpublications.ut-capitole.fr%2Fid%2Feprint%2F48439%2F1%2Fwp_tse_1492.pdf&rft.identifier=++Martimort%2C+David+%3Chttps%3A%2F%2Fwww.idref.fr%2F070009635%3E+and+Sand-Zantman%2C+Wilfried+%3Chttps%3A%2F%2Fwww.idref.fr%2F12380518X%3E++(2023)+Media+Mergers+in+Nested+Markets.++TSE+Working+Paper%2C+n.+23-1492%2C+Toulouse+++++&rft.relation=http%3A%2F%2Ftse-fr.eu%2Fpub%2F128764&rft.language=en