Telegraph Media Group – update on sale

I wish to update the House on the sale of the Telegraph Media Group. As I noted in my statement on 24 November, under the terms of the Order made in January 2024, transfer of the ownership of the Telegraph Media Group is only permitted with the prior written consent of the Secretary of State. In my statement I said that I expected a submission of a request for my written consent to take no longer than three weeks.

I can confirm that I have received a formal request from the representatives of RB Investco Limited, the current owners of the call option to purchase Telegraph Media Group Holdings. The request is to allow RB Investco Ltd to derogate from the Order to sell their call option to Daily Mail and General Trust. I will now give the request thorough consideration.

My priority remains building a constructive path toward a timely sale, without further delay, that is in the public interest.

As I set out in my previous statement, I will also consider the potential new merger under the public interest and foreign state influence regimes in my quasi-judicial role as set out in The Enterprise Act 2002. I will act independently, review the evidence with which I am presented and follow a process which is scrupulously fair, transparent and impartial.

I will update Parliament at the earliest opportunity.