Pre-emptive Action Order - Telegraph Media Group

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HLWS226

Pre-emptive Action Order - Telegraph Media Group

Statement made on 31 January 2024

Statement UIN HLWS226

Statement made by

Lord Parkinson of Whitley Bay

Minister for Arts and Heritage

Conservative

Life peer

Lords

Statement

I am repeating the following Written Ministerial Statement made today in the other place by my Right Honourable Friend, the Secretary of State for Culture, Media and Sport, Lucy Frazer KC MP:
On 26 January, I issued 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 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 RB Investco and that these concerns warrant further investigation.
The PIIN which I issued on 30th November in relation to the anticipated acquisition of the Telegraph Media Group Ltd (TMG) by Redbird IMI Media Joint Venture remains in force.
I have now made an Order to prevent actions by the parties to the merger that might prejudice the process or impede my ability to protect the public interest during the period in which either the 30th November or the new Intervention Notice is in force. The Order prohibits transfer of ownership or control of the TMG business without my prior written consent. It also requires the parties to ensure that no steps are taken to integrate the TMG business with any other enterprise, that no significant changes are made to the management and structure of the TMG business or the boards of both the TMG business and the entities aiming to acquire TMG. The Acquiring Entities must ensure that no step is taken to change the structure of the potential acquiring entities of TMG. The parties must take all reasonable steps to encourage key staff (managerial, executive and editorial) to remain within the TMG business and must also do what is within their power to ensure that key staff within the TMG business are not removed or transferred without my prior written consent.
This Order came into force at 11am on 30 January 2024.
This Order revokes the pre-emptive action order which I made on 1 December 2023. The 30 November 2023 PIIN which I made remains in force. Revocation does not prevent me from taking enforcement action, if necessary, in relation to any breaches of the previous order.
DCMS will keep Parliament updated on progress with this media merger case.

Statement from

Department for Culture, Media and Sport

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This statement has also been made in the House of Commons

Department for Culture, Media and Sport

Pre-emptive Action Order - Telegraph Media Group

Lucy Frazer

Secretary of State for Culture, Media and Sport

Conservative, South East Cambridgeshire

Statement made 31 January 2024

HCWS228

Commons