(3 months, 1 week ago)
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The Secretary of State for Culture, Media and Sport (Lucy Frazer)
On 26 January, I issued a public interest intervention notice (PIIN) in relation to the anticipated acquisition of the Telegraph Media Group Ltd (TMG) by RB Investco Ltd.
This is further to information my Department received that RedBird IMI has made changes to the corporate structure of the potential acquiring entities of the Telegraph Media Group, and this has created a new relevant merger situation.
This PIIN relates to concerns 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 TMG by RB Investco and that these concerns warrant further investigation.
The PIIN that I issued on 30 November 2023 in relation to the anticipated acquisition of the Telegraph Media Group Ltd (TMG) by Redbird IMI media joint venture remains in force.
I have now made an order to prevent actions by the parties to the merger that might prejudice the process or impede my ability to protect the public interest during the period in which either the 30 November intervention notice or the new intervention notice is in force. The order prohibits transfer of ownership or control of the TMG business without my prior written consent. It also requires the parties to ensure that no steps are taken to integrate the TMG business with any other enterprise, that no significant changes are made to the management and structure of the TMG business or the boards of both the TMG business and the entities aiming to acquire TMG. The acquiring entities must ensure that no step is taken to change the structure of the potential acquiring entities of TMG. The parties must take all reasonable steps to encourage key staff—managerial, executive and editorial—to remain within the TMG business and must also do what is within their power to ensure that key staff within the TMG business are not removed or transferred without my prior written consent.
This order came into force at 11 am on 30 January 2024.
This order revokes the pre-emptive action order that I made on 1 December 2023. The 30 November 2023 PIIN that I made remains in force. Revocation does not prevent me from taking enforcement action, if necessary, in relation to any breaches of the previous order.
The Department for Culture, Media and Sport will keep Parliament updated on progress with this media merger case.
[HCWS228]