I am repeating the following Written Ministerial Statement made today in the other place by my Right Honourable Friend, the Secretary of State for Culture, Media and Sport, Lisa Nandy MP:

RB Investco Limited, which previously sought to buy the Telegraph Media Group Holdings (TMGH), is in the process of selling its call option to do so. On 19 February 2026 I gave RB Investco permission to derogate from the pre-existing Public Interest Merger Reference (Telegraph Media Group Limited) (Pre-emptive Action) Order 2024 (“the 2024 Order”), in order to sell its call option to the Daily Mail and General Trust (DMGT). This permission was granted without prejudice to any decision I might have made following the outcome of the investigations by Ofcom and the Competition and Markets Authority that were triggered by the Public Interest Intervention Notice I issued on 12 February 2026 in relation to the same prospective transaction.

On Friday 6 March 2026, I was informed by representatives of RB Investco that the existing deal with DMGT was no longer in prospect and that RB Investco intends to accept instead an offer from the German media company Axel Springer.

Under the terms of the 2024 Order, transfer of the ownership of the Telegraph Media Group Holdings is only permitted with the prior written consent of the Secretary of State. On 6 March I also received a formal request from the representatives of RB Investco to allow RB Investco to derogate from the 2024 Order in order to sell its call option to Axel Springer.

I will thoroughly assess the proposed new deal under the public interest and foreign state influence media mergers regime, in my quasi-judicial role, as set out in the Enterprise Act 2002.

I remain acutely aware that the ongoing uncertainty is detrimental to the stability of the Telegraph, and particularly for its staff, and it is of paramount importance to me that a resolution is reached without further delay.

I will update Parliament again at the earliest appropriate moment.

https://www.theyworkforyou.com/wms/?id=2026-03-09.hlws1383.0