Telegraph Media Group: Public Interest Intervention Notice

Lucy Frazer Excerpts

Wednesday 24th January 2024 Written Statements

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

My Department has today written to solicitors acting for the Barclay family and RedBird IMI, the current and proposed new owners of Telegraph Media Group, to inform them that I am “minded to” issue a new public interest intervention notice.

This week, RedBird IMI has made changes to the corporate structure of the potential acquiring entities of Telegraph Media Group and this creates a new relevant merger situation. RedBird IMI asserts that no changes have been made to the identity, nature or economic interests of the ultimate shareholders.

I have noted the very late stage in the process at which information about this new corporate structure has been shared and implemented. I do not consider that this is conducive to the full and proper functioning of the process. I expect the parties to ensure that all the relevant authorities have timely access to all relevant information, and in sufficient detail, in order that they, and subsequently I as Secretary of State, can make our determinations.

The new public interest intervention notice that I am minded to issue 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 planned acquisition of Telegraph Media Group by RedBird IMI, and that these concerns warrant further investigation.

A “minded to” letter has therefore been issued to the parties on the following public interest ground specified in section 58 of the Enterprise Act 2002:

(2A) The need for—

(a) accurate presentation of news; and

(b) free expression of opinion;

in newspapers is specified in this section.

These letters, and other relevant updates, will be published on gov.uk.

The “minded to” letter invites further representations in writing from the parties and gives them until 9 am on Thursday 25 January to respond. My Department will publish versions of these “minded to” letters on gov.uk in due course.

If I decide to issue a new intervention notice, the next stage would be for Ofcom to assess and report to me on the public interest concerns and for the Competition and Markets Authority (CMA) to assess and report to me on whether a relevant merger situation has been created and any impact this may have on competition. Following these reports, I would need to decide whether to refer the matter for a more detailed investigation by the CMA under section 45 of the Enterprise Act 2002.

The public interest intervention notice issued on 30 November 2023 and the pre-emptive action order made on 1 December 2023 remain in force.

DCMS will keep Parliament updated on progress with this media merger case.

[HCWS207]