Media Update

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HCWS207

Media Update

Statement made on 24 January 2024

Statement UIN HCWS207

Statement made by

Lucy Frazer

Secretary of State for Culture, Media and Sport

Conservative

South East Cambridgeshire

Commons

Statement

My Department has today written to solicitors acting for the Barclay family and RedBird IMI, the current and proposed new owners of Telegraph Media Group, to inform them that I am ‘minded to’ issue a new Public Interest Intervention Notice.
This week Redbird IMI have made changes to the corporate structure of the potential acquiring entities of the Telegraph Media Group and this creates a new Relevant Merger Situation. Redbird IMI asserts that no changes have been made to the identity, nature or economic interests of the ultimate shareholders.
I have noted the very late stage in the process at which information about this new corporate structure has been shared and implemented. I do not consider this is conducive to the full and proper functioning of the process. I expect the Parties to ensure that all the relevant authorities have timely access to all relevant information, and in sufficient detail, in order that they, and subsequently I as Secretary of State, can make our determinations.
The new Public Interest Intervention Notice that I am minded to issue relates to concerns I continue to have that there may be public interest considerations – as set out in section 58 of Enterprise Act 2002 – that are relevant to the planned acquisition of Telegraph Media Group by RedBird IMI and that these concerns warrant further investigation.
A ‘minded to’ letter has therefore been issued to the parties on the following public interest ground specified in section 58 of the Enterprise Act 2002:
(2A) The need for
(a) accurate presentation of news; and
(b) free expression of opinion;
In newspapers is specified in this section.
These letters, and other relevant updates, will be published on gov.uk.
The ‘minded to’ letter invites further representations in writing from the parties and gives them until 9am on Thursday 25 January to respond. My Department will publish versions of these ‘minded to’ letters on gov.uk in due course.
If I decide to issue a new Intervention Notice, the next stage would be for Ofcom to assess and report to me on the public interest concerns and for the Competition and Markets Authority (CMA) to assess and report to me on whether a relevant merger situation has been created and any impact this may have on competition. Following these reports, I would need to decide whether to refer the matter for a more detailed investigation by the CMA under section 45 of the Enterprise Act 2002.
The Public Interest Intervention Notice issued on 30 November 2023 and the Pre-emptive Action Order made on 1 December 2023 remain in force.
DCMS will keep Parliament updated on progress with this media merger case.

Statement from

Department for Culture, Media and Sport

Linked statements

This statement has also been made in the House of Lords

Department for Culture, Media and Sport

Media Update

Lord Parkinson of Whitley Bay

Minister for Arts and Heritage

Conservative, Life peer

Statement made 24 January 2024

HLWS204

Lords