Statement on Secretary of State for Culture, Media & Sport’s decision to intervene in the anticipated acquisition of Telegraph Media Group Ltd by RB Investco Ltd
The Secretary of State's decision to intervene in the anticipated acquisition of Telegraph Media Group Ltd by RB Investco Ltd
My Department has written to solicitors acting for the Barclay family and RedBird IMI, the current and proposed owners of Telegraph Media Group (TMG), to inform them of my decision to issue a Public Interest Intervention Notice (PIIN) in relation to the anticipated acquisition of the Telegraph Media Group Ltd (TMG) by RB Investco Limited.
This is further to information my Department received this week that Redbird IMI have 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 RedBird IMI and that these concerns warrant further investigation.
At this stage, my decision to issue the PIIN triggers the requirement for the Competition and Markets Authority (CMA) to report to me on jurisdictional and competition matters; and for Ofcom to report to me on the media public interest considerations in section 58(2A) of the Enterprise Act 2002 – namely, the need for accurate presentation of news and free expression of opinion in newspapers. Having consulted the CMA and Ofcom on the time they need to conduct the necessary investigations, I have asked them to report to me by 9.00am GMT on 11 March 2024.
My Department has also written to Ofcom and CMA today to extend the deadline by when I expect to receive their reports in relation to the PIIN I issued on 30 November 2023. I now expect them to report to me on this PIIN also by 9.00am GMT on 11 March 2024. This means the 30 November PIIN and the associated Pre-emptive Action Order which I made on 1 December 2023 both remain in force.
I reserve the right to take such further action under the Act as I consider appropriate, which may include exercising my powers under section 42 of the Act in relation to any other relevant merger situation. My decision to issue a PIIN is without prejudice to my ability to take any such additional action in accordance with the Act.
My role as the Secretary of State in this process is quasi-judicial and procedures are in place to ensure that I act independently and follow a process which is scrupulously fair, transparent and impartial.
DCMS will update Parliament after both reports from the regulators have been received and considered.