BREXIT: Dramatic Implications For The Media Industry?

On Thursday 23rd June, the UK voted to leave the EU with a narrow majority of 52%. The outlook is far from clear, but here we explore some of the implications of Brexit for those in the media industry.

Firstly, it is important to note that, until Article 50 TFEU is triggered by a formal notification to the EU, the UK will remain a member of the EU. Once it is triggered, the UK will have 2 years within which to negotiate an exit deal. The 2 year period can be extended but only by unanimous agreement of the remaining 27 Member States. If the 2 year period (and any extensions) comes to an end without a successful conclusion to the negotiations, the UK will fall out of the EU with no trading arrangements or other benefits remaining and will have to trade under the WTO rules. It is unlikely that this will be allowed to happen. More probable is that the UK will negotiate some form of special trading arrangement with the EU and, in return, the UK will agree to comply with