Secretary of State for Culture, Media and Sport (): I wish to update the House on
the sale of Telegraph Media Group Holdings Limited (TMGH).
On 12 February 2026, I issued a Public Interest Intervention
Notice (PIIN)(opens in a new tab) in relation to the
anticipated acquisition of TMGH by the Daily Mail and General
Trust plc (DMGT).
Last week, on 19 February, I made a new Order to prevent actions
by the parties to the anticipated acquisition that might
prejudice the regulatory process or impede my ability to take any
action in relation to the merger following the conclusion of the
regulatory process.
The Public Interest Merger Reference (Telegraph Media Group
Holdings Limited) (Pre-emptive Action) Order 2026 prohibits
transfer of ownership or control of the TMGH business without my
prior written consent, as well as integration of the relevant
businesses or the transfer of key staff between the parties. The
Order ensures that the TMGH business continues to be managed
separately and as a going concern, maintaining its editorial
independence, while the merger is under review.
On 19 February I also gave my consent to RB Investco Limited –
who previously sought to buy TMGH – to derogate from the
pre-existing Public Interest Merger Reference (Telegraph Media
Group Limited) (Pre-emptive Action) Order 2024. This derogation
provides formal consent for RB Investco Limited to sell its
rights (the so-called ‘call option') to purchase TMGH shares to
DMGT. The new 2026 Order however ensures both that those rights
cannot yet be exercised, thereby completing the sale, and that
necessary legal safeguards are in place to prevent further
integration of TMGH and DMGT while the merger is under
investigation.
While convention normally requires a period of 21 days between
the laying of a statutory instrument subject to the negative
procedure and its coming into force, I determined that immediate
action was necessary in this instance: given my consent to RB
Investco Limited to sell their call option to DMGT. Any delay in
the new 2026 Order coming into force would have potentially
undermined the regulatory process. For the same reasons it was
also necessary to make and lay the Order during the parliamentary
recess. In the interests of transparency, copies of the Order and
the letter confirming my derogation consent were nevertheless
published last week on GOV.UK.
I will continue to update the House on progress with this media
merger case as appropriate.
