Sale of the Telegraph update

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HCWS1380

Sale of the Telegraph update

Statement made on 9 March 2026

Statement UIN HCWS1380

Statement made by

Lisa Nandy

Secretary of State for Culture, Media and Sport

Labour

Wigan

Commons

Statement

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.

Statement from

Department for Culture, Media and Sport

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This statement has also been made in the House of Lords

Department for Culture, Media and Sport

Sale of the Telegraph update

Baroness Twycross

Minister for Museums, Heritage and Gambling, and DCMS Lords Minister

Labour, Life peer

Statement made 9 March 2026

HLWS1383

Lords