On 7 September 2011, the Competition Council cleared the acquisition by Waterman & Waterman Comm VA (W&W), Corelio NV (Corelio) and Sanoma Corporation (hereinafter Sanoma) of joint control over De Vijver Media (De Vijver Media), a financial holding company with participations in a group of undertakings active in the audiovisual and advertising sector. Said joint control would be conferred upon the notifying parties by the implementation of a shareholders agreement concluded on 7 June 2011. Shortly before the conclusion of the shareholders agreement, W&W, Corelio and Sanoma had made a successful bid to acquire SBS Belgium NV (SBS), the operator of the Flemish TV channels VT4 and VijfTV. The Competition Prosecutor questioned in his report whether the standstill obligation had

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