I wish to update the House on the sale of Telegraph Media Group Holdings (TMGH).

On 14 April 2026 I gave my consent to RB Investco Limited to derogate from the Public Interest Merger Reference (Telegraph Media Group Limited) (Pre-emptive Action) Order 2024 (“the 2024 Order”) to sell its rights (under a ‘call option’) to purchase the entire issued share capital of TMGH to Axel Springer SE. On 17 April, as required by my derogation consent, I received written confirmation from the parties that this transaction had taken place.

As the proposed merger between the Telegraph Media Group Limited, TMGH and RB Investco described in the Public Interest Intervention (PIIN) issued by the previous Secretary of State for Culture Media and Sport on 26 January 2024 (“the January 2024 PIIN”) is no longer in progress or in contemplation, I will not be referring this matter to a more in-depth ‘Phase 2’ investigation by the Competition and Markets Authority. As a result, the January 2024 PIIN and the Public Interest Merger Reference (Telegraph Media Group Limited) (Pre-emptive Action) Order 2024 have ceased to be in force.

As part of the Phase 1 investigation into the proposed merger involving RB Investco, reports from Ofcom and the CMA were received in March 2024; the Ofcom reports advised on the public interest considerations and the CMA reports advised on my predecessor’s jurisdiction to investigate. As required by the Enterprise Act 2002, these reports have now been published on gov.uk. Redactions in these reports follow the legal framework set out in the Enterprise Act 2002 which requires that I must have regard to sensitive, commercial or private information.

The proposed merger between TMGH and the Daily Mail and General Trust plc is also no longer in prospect and therefore I will also not be referring this matter to a ‘Phase 2’ investigation. As a result, the 2026 Public Interest Intervention Notice and the Public Interest Merger Reference (Telegraph Media Group Holdings Limited) (Pre-emptive Action) Order 2026 have also ceased to be in force. Short reports by Ofcom and the CMA, which confirm that the transaction is no longer in progress or in contemplation, have now been published on gov.uk.

The decisions and steps outlined above mean that all regulatory interventions under the Enterprise Act in relation to TMGH are now closed. With its new owners, Axel Springer, taking over, this marks an end to this long period of uncertainty for the Telegraph newspaper and its staff.

https://www.theyworkforyou.com/wms/?id=2026-10-16.hcws386.0