I wish to update the House on the sale of Telegraph Media Group Holdings Ltd.
On 12 February 2026, I issued a public interest intervention notice in relation to the anticipated acquisition of TMGH by the Daily Mail and General Trust plc.
Last week, on 19 February, I made a new order to prevent actions by the parties to the anticipated acquisition that might prejudice the regulatory process or impede my ability to take any action in relation to the merger following the conclusion of the regulatory process.
The Public Interest Merger Reference (Telegraph Media Group Holdings Limited) (Pre-emptive Action) Order 2026 prohibits transfer of ownership or control of the TMGH business without my prior written consent, as well as integration of the relevant businesses or the transfer of key staff between the parties. The order ensures that the TMGH business continues to be managed separately and as a going concern, maintaining its editorial independence, while the merger is under review.
On 19 February I also gave my consent to RB Investco Ltd (which previously sought to buy TMGH) derogating from the pre-existing Public Interest Merger Reference (Telegraph Media Group Limited) (Pre-emptive Action) Order 2024. This derogation provides formal consent for RB Investco Ltd to sell its rights (the so-called “call option”) to purchase TMGH shares to DMGT. The new 2026 order, however, ensures both that those rights cannot yet be exercised, thereby completing the sale, and that necessary legal safeguards are in place to prevent further integration of TMGH and DMGT while the merger is under investigation.
While convention normally requires a period of 21 days between the laying of a statutory instrument subject to the negative procedure and its coming into force, I determined that immediate action was necessary in this instance, given my consent to RB Investco Ltd to sell their call option to DMGT. Any delay in the new 2026 order coming into force would have potentially undermined the regulatory process. For the same reasons, it was also necessary to make and lay the order during the parliamentary recess. In the interests of transparency, copies of the order and the letter confirming my derogation consent were nevertheless published last week on gov.uk.
I will continue to update the House on progress with this media merger case as appropriate.
[HCWS1353]