Secretary of State for Culture, Media and Sport (): 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(opens in a new tab) (“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(opens in a new tab) 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.
