Update on the proposed acquisition of Telegraph Media Group Holdings

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HLWS1341

Update on the proposed acquisition of Telegraph Media Group Holdings

Statement made on 12 February 2026

Statement UIN HLWS1341

Statement made by

Baroness Twycross

Minister for Museums, Heritage and Gambling, and Lords Minister

Labour

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, Lisa Nandy MP:
My Department has today written to Penultimate Investments Holdings Limited (PIHL) and the Daily Mail and General Trust (DMGT), the current and proposed owners of the Telegraph Media Group Holdings (TMGH) in relation to the Proposed Acquisition of TMGH by DMGT.
In my Written Statement to Parliament and by letters to the parties, all on 20 January 2026, I confirmed that I was minded to intervene in and refer the Proposed Acquisition to a Phase 1 investigation under the Enterprise Act 2002. Having given the parties the opportunity to make representations to me regarding the concerns raised in my letters to them, and having considered those representations in detail, I have now reached my final decision.
I have today informed the parties of my decision to issue a Public Interest Intervention Notice (PIIN) in relation to the Proposed Acquisition of TMGH by DMGT.
My decision to issue a PIIN relates to concerns I have that public interest considerations – as set out in section 58 of the Enterprise Act 2002 – may be relevant to the Proposed Acquisition of TMGH by DMGT, and that these warrant further investigation. The public interest considerations concerned are the need for a sufficient plurality of views in each UK market for news media; and, the need for a sufficient plurality of persons with control of media enterprises serving every different UK audience.
My decision to issue a PIIN triggers a 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 considerations in section 58(2B) and 58(2C)(a) of the Enterprise Act 2002. I have asked both the CMA and Ofcom to report back to me by 10 June 2026.
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 fair, transparent and impartial.
DCMS will update Parliament after both reports from the regulators have been received and considered.
The PIIN can be found on GOV.UK.

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

Update on the proposed acquisition of Telegraph Media Group Holdings

Lisa Nandy

Secretary of State for Culture, Media and Sport

Labour, Wigan

Statement made 12 February 2026

HCWS1338

Commons