Telegraph Media Group: Anticipated Acquisition Reports
(8 months, 2 weeks ago)
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The Secretary of State for Culture, Media and Sport (Lucy Frazer)
Today I can confirm that I have received reports from the Competition and Markets Authority (CMA) and from Ofcom on merger situations involving Telegraph Media Group Ltd (TMG). These reports were provided in response to the public interest intervention notices (PIINs) that I issued in the anticipated acquisition of TMG by RedBird IMI on 30 November 2023 and RB Investco Ltd on 26 January 2024 respectively.
The PIINs required the CMA to report to me on my jurisdiction to intervene in these merger situations, and if any competition concerns may arise as a consequence. They also required Ofcom to assess and report to me on the need for accurate presentation of news and free expression of opinion in newspapers.
Next, I will decide, in a quasi-judicial capacity, whether or not I am minded to refer this merger for a further investigation by the CMA.
I will aim to publish the CMA and Ofcom reports and make a further statement on any decision I may come to as quickly as possible.
In the meantime, given the ongoing quasi-judicial nature of this process, I am unable to comment substantively on the matter of this case.
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