UK clears way for German media group Axel Springer’s planned purchase of Telegraph Media Group

Government decision brings public interest intervention measures introduced in January 2024 to end

The UK government has cleared the way for Axel Springer’s planned purchase of Telegraph Media Group after deciding not to refer the deal for a more detailed competition investigation. Culture Minister Lisa Nandy said Friday that she would not refer the proposed acquisition to a Phase 2 investigation by the Competition and Markets Authority (CMA), the UK’s competition regulator. “I will not be referring this matter to a more in-depth ‘Phase 2’ investigation by the Competition and Markets Authority,” Nandy said in a written statement. She also said the Public Interest Intervention Notice (PIIN), issued in January 2024, and the related public interest merger reference order had ceased to be in force following her decision. The decision reduces regulatory uncertainty surrounding one of the UK media industry’s high-profile ownership transactions and allows Axel Springer to proceed with its planned purchase without a more detailed competition investigation at this stage. Axel Springer is one of Europe’s largest media groups. It owns major German newspapers, including Bild and Die Welt, as well as international digital outlets Politico and Business Insider. The acquisition would bring one of Britain’s most prominent newspaper groups under the ownership of the Berlin-based company, marking a significant change in the UK media landscape. The Telegraph Group was placed under receivership in 2023 after its former owners, the Barclay family, accumulated substantial debts to banks. Since then, the newspaper’s future has remained highly uncertain. Before Axel Springer entered the picture, the UAE-backed RedBird IMI consortium had sought to acquire the newspaper. However, the prospect of a long-established conservative British newspaper coming under the control of Gulf capital — and, indirectly, a foreign state — triggered a major political controversy in the UK. The British government subsequently introduced legislation banning foreign state ownership of newspapers, prompting RedBird IMI to step back and transfer its acquisition rights to Axel Springer.