Telegraph Media Group: Public Interest Intervention Notice

Monday 29th January 2024 Written Statements

[The Secretary of State for Culture, Media and Sport (Lucy Frazer)]

I would like to make a statement on my decision to intervene in the anticipated acquisition of Telegraph Media Group Ltd by RB Investco Ltd.

My Department has written to solicitors acting for the Barclay family and RedBird IMI, the current and proposed owners of Telegraph Media Group, to inform them of my decision to issue a public interest intervention notice (PIIN) in relation to the anticipated acquisition of the Telegraph Media Group by RB Investco.

This is further to information that my Department received this week that Redbird IMI has made changes to the corporate structure of the potential acquiring entities of the Telegraph Media Group, which has created a new relevant merger situation.



This PIIN relates to concerns that I continue to have that there may be public interest considerations—as set out in section 58 of the Enterprise Act 2002—that are relevant to the anticipated acquisition of the Telegraph Media Group by RedBird IMI and that these concerns warrant further investigation.



At this stage, my decision to issue the PIIN triggers the requirement for the Competition and Markets Authority to report to me on jurisdictional and competition matters; and for Ofcom to report to me on the media public interest considerations in section 58(2A) of the Enterprise Act 2002—namely, the need for accurate presentation of news and free expression of opinion in newspapers. Having consulted the CMA and Ofcom on the time they need to conduct the necessary investigations, I have asked them to report to me by 9 am GMT on 11 March 2024.



My Department has also written to Ofcom and the CMA today to extend the deadline by when I expect to receive their reports in relation to the PIIN that I issued on 30 November 2023. I now expect them to report to me on this PIIN also by 9 am GMT on 11 March 2024. This means the 30 November PIIN and the associated pre-emptive action order that I made on 1 December 2023 both remain in force.



I reserve the right to take such further action under the Act as I consider appropriate, which may include exercising my powers under section 42 in relation to any other relevant merger situation. My decision to issue a PIIN is without prejudice to my ability to take any such additional action in accordance with the Act.



My role as Secretary of State in this process is quasi-judicial and procedures are in place to ensure that I act independently and follow a process that is scrupulously fair, transparent and impartial.



The Department for Culture, Media and Sport will update Parliament after both reports from the regulators have been received and considered.

[HCWS216]