Independent News and Media (INM) Ltd is part of an international media and communications group, and is based in the Republic of Ireland. Archant is the largest privately-owned local and regional newspaper group in the UK. This report examines the effects of the purchase by Archant of the local weekly titles of INM's London regional division in December 2003. In particular it examines the effects of the merger on competition in relevant geographic and product markets. Overall the Commission concludes that it is unlikely that there will be a substantial lessening of competition as a result of the merger, based on an analysis of newspaper advertising in the London region.