Daily Mail and General Trust plc / Telegraph Media Group merger inquiry
The Competition and Markets Authority (CMA) is investigating the anticipated acquisition by Daily Mail and General Trust plc of Telegraph Media Group Holdings Limited.
Statutory timetable
| Date | Action |
|---|---|
| 10 June 2026 | Deadline to deliver CMA report to Secretary of State for Culture, Media and Sport |
| 13 February 2026 to 27 February 2026 | CMA invitation to comment (jurisdiction and competition assessment) |
Phase 1
Invitations to comment
13 February 2026: On 22 November 2025, Daily Mail and General Trust plc (DMGT) announced through a press notice its proposal to acquire the Telegraph Media Group Holdings Limited (TMGH). The Secretary of State for Culture, Media and Sport (the Secretary of State) announced on 12 February 2026 her decision to issue a Public Interest Intervention Notice (PIIN) in respect of the transaction.
The PIIN requires the CMA to investigate and report to the Secretary of State on jurisdictional and competition matters and for the Office of Communications (Ofcom) to report to the Secretary of State on the impact of the transaction on the media public interest considerations identified in the PIIN (as set out below) by 9am on 10 June 2026.
CMA invitation to comment: closes 5pm on 27 February 2026
The CMA is required to submit a report to the Secretary of State on this transaction in accordance with section 44 of the Act by 9am on 10 June 2026.
For the purposes of this report, the CMA is considering whether it is or may be the case that this transaction, if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 (the Act) and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.
To assist it with this assessment, the CMA invites comments on the transaction from any interested party.
Written representations about any jurisdictional or competition issues should be provided to the CMA by 5pm on 27 February 2026.
Ofcom invitation to comment: closes 5pm on 27 February 2026
Ofcom is required to submit a report to the Secretary of State on this transaction in accordance with section 44A of the Act by 9am on 10 June 2026.
For the purpose of this report, Ofcom is investigating how the transaction may affect the following public interest considerations, specified in sections 58(2B) and 58(2C)(A) of the Act and identified in the PIIN as potentially relevant to consideration of the transaction:
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the need for, to the extent that it is reasonable and practicable, a sufficient plurality of views in news media in each market for news media in the United Kingdom or a part of the United Kingdom
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the need, in relation to every different audience in the United Kingdom or in a particular area or locality of the United Kingdom, for there to be a sufficient plurality of persons with control of the media enterprises serving that audience
Written representations about any public interest issues should be provided to Ofcom by 5pm on 27 February 2026.
Further information can be found on the Ofcom website.
Secretary of State for Culture, Media and Sport – Public Interest Intervention Notice
12 February 2026: PIIN given pursuant to section 42 of the Enterprise Act 2002 (the Act) in relation to the proposed acquisition by DMGT of TMGH.
On 20 January 2026, the Secretary of State wrote to DMGT and Penultimate Investment Holdings Limited, a parent company of TMGH, to inform them that the Secretary of State was minded to issue a PIIN on the basis that she had reasonable grounds to suspect that the transaction, if carried into effect, may result in the creation of a relevant merger situation and believed that there may be public interest considerations set out in the Act relevant to the consideration of that situation.
Having considered the representations provided in response to her ‘minded to’ letters, the Secretary of State announced on 12 February 2026 her decision to issue a PIIN based on the following public interest considerations specified in section 58 of the Act:
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the need for, to the extent that it is reasonable and practicable, a sufficient plurality of views in news media in each market for news media in the United Kingdom or a part of the United Kingdom (section 58(2B))
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the need, in relation to every difference audience in the United Kingdom or in a particular area or locality of the United Kingdom, for there to be a sufficient plurality of persons with control of the media enterprises serving that audience (section 58(2C)(a))
This PIIN requires the CMA to investigate and report to the Secretary of State on jurisdictional and competition matters and for Ofcom to report to the Secretary of State on the specified media public interest considerations set out above.
Both the CMA and Ofcom are required to investigate and report back to the Secretary of State by 9am on 10 June 2026.
Secretary of State for Culture, Media and Sport – Minded to Notice
20 January 2026: The Secretary of State for Culture, Media and Sport announced she was ‘minded to’ issue a PIIN regarding the proposed acquisition by DMGT of TMGH.
- DCMS letter to Daily Mail and General Trust on ‘minded to’ decision (20.1.26)
- DCMS letter to Penultimate Investment Holdings Limited on ‘minded to’ decision (20.1.26)
Contact
Jurisdiction and competition issues
Please send written representations to:
- dmgt.telegraph@cma.gov.uk
- Principal Case Officer: Daniel Norcott, daniel.norcott@cma.gov.uk
- Case Officer: Jeremy Chan, jeremy.chan@cma.gov.uk
Privacy notice
Your name and contact details are your personal data. In collecting, receiving, storing, accessing and using your personal data, the CMA, as controller, is processing your personal data. The CMA processes personal data in accordance with data protection law. The CMA is processing your personal data so that it can contact you again, should it need further help or information from you, in order to carry out its merger work under Part 3 of the Enterprise Act 2002. For more information about how the CMA processes personal data and your rights relating to that data, please see our Privacy Notice.