Statement on Secretary of State's decision to intervene in the anticipated acquisition of Telegraph Media Group by RedBird IMI
The Secretary of State’s decision to issue a Public Interest Intervention Notice (PIIN) with regards to the the anticipated acquisition of Telegraph Media Group by RedBird IMI.
My Department has today written to the Barclay family and RedBird IMI, the current and proposed owners of Telegraph Media Group (TMG), to inform them that I will be issuing a Public Interest Intervention Notice (PIIN) in relation to the anticipated acquisition of the Telegraph Media Group Ltd (TMG) by Redbird IMI.
This relates to concerns I have that there may be public interest considerations – as set out in section 58 of 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 consideration in section 58(2A) of the Enterprise Act 2002 – namely, the need for accurate presentation of news and free expression of opinion in newspapers. I have asked both the CMA and Ofcom to report back to me by 26 January 2024.
I reserve the right to take such further action under the Act as I consider appropriate, which may, if appropriate, include exercising my powers under section 42 of the Act in relation to any other relevant merger situation. My decision to issue a PIIN today 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 only after both reports from the regulators have been received and considered.