Proposed Sale of The Telegraph: Axel Springer

On Friday 6 March 2026, I was informed by representatives of RB Investco Ltd that RB Investco Ltd intends to sell its call option to purchase the Telegraph Media Group Holdings Ltd, owner of The Daily Telegraph and The Sunday Telegraph, to the German media company Axel Springer SE. They have asked for my written consent to allow RB Investco Ltd to derogate from the Public Interest Merger Reference (Telegraph Media Group Limited) (Preemptive Action) Order 2024 (the “2024 order”) to sell its option.

Today, I gave my written consent under the 2024 order to RB Investco Ltd to sell its call option to purchase the Telegraph Media Group Holdings Ltd to Axel Springer.

In my quasi-judicial role I have also assessed the proposed merger between Axel Springer and the Telegraph Media Group Holdings Ltd under the public interest media mergers regime and the foreign state influence regime as set out in the Enterprise Act 2002. I am currently not minded to intervene in this merger under either regime on the basis of the evidence available to me at this time. This is without prejudice to my ability to intervene in this merger within the applicable statutory time limits, if new or additional information comes to my attention.

I am pleased to be able to take these positive steps, which give greater certainty to The Telegraph and its staff.

[HCWS1508]