Competition Markets Authority
Public interest intervention notice and invitation to comment
30 November 2023: Intervention notice given pursuant to section 42 of the Enterprise Act 2002 (the Act) in relation to the proposed loan repayment agreement, including an equity option, by Redbird IMI for Telegraph Media Group.
On 22 November 2023, the Secretary of State wrote to Redbird IMI, Ultimate Investment Holdings Limited and Bank of Scotland to inform them that the Secretary of State was minded to issue a Public Interest Intervention Notice (PIIN) on the basis that she had concerns that there may be public interest considerations, as set out in the Act.
Having considered the representations provided in response to her minded to letter, the Secretary of State announced on 30 November 2023 her decision to issue a PIIN based on the following public interest considerations under section 58 of the Act:
- the need for (a) accurate presentation of news; and (b) free expression of opinion; in newspapers (section 2A)
This PIIN triggers the requirement for the Competition and Markets Authority (CMA) to report to the Secretary of State on jurisdictional and competition matters, and for Ofcom to report on the media public interest considerations in section 58 of the Act set out above.
Both the CMA and Ofcom are to report back to the Secretary of State by midnight at the end of 26 January 2024.
Secretary of State for Digital, Culture, Media and Sport Minded to Notice
On 22 November 2023, the Secretary of State for Digital, Culture, Media and Sport, announced she was minded to issue a public intervention notice regarding the proposed loan repayment agreement for Telegraph Media Group.
CMA investigation
Statutory Timetable
| Phase 1 | Action |
| 30 November 2023 to 14 December 2023 | Invitation to comment (CMA competition assessment) |
The CMA is considering whether it is, or may be the case, that these transactions will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within the United Kingdom for goods or services.
Invitation to comment
The first stage of this investigation requires the CMA to issue an Invitation to Comment (ITC) on the acquisitions and interested parties are asked to provide their comments on the acquisitions by 14 December 2023.
Contact
Please send written representations about any competition or public interest to: