The key facts

  • Culture Secretary Lisa Nandy declined to refer the Axel Springer–Telegraph deal to a Phase 2 CMA investigation
  • The January 2024 PIIN and the related merger reference order have lapsed
  • Earlier, the RedBird IMI consortium (backed by the UAE) abandoned the deal after a ban on foreign state ownership of newspapers was introduced

Government decision

The UK government has removed the last regulatory obstacle to the planned acquisition of Telegraph Media Group by the German media group Axel Springer. Culture Secretary Lisa Nandy said on Friday that she would not refer the deal to a more detailed 'Phase 2' investigation by the Competition and Markets Authority (CMA). According to her, the public interest intervention notice (PIIN) issued in January 2024 and the related merger reference order have lapsed. The decision reduces regulatory uncertainty around one of the most high-profile deals in the British media industry and allows Axel Springer to proceed with the purchase without an in-depth antitrust investigation at this stage.

Deal background

Axel Springer is one of the largest media groups in Europe, owning the German newspapers Bild and Die Welt, as well as the international digital outlets Politico and Business Insider. The acquisition will hand the Berlin-based company one of the best-known British newspaper groups, marking a significant change in the UK media market. The Telegraph Group has been under external management since 2023, after its former owners, the Barclay family, accumulated large debts to banks; the future of the publication had remained uncertain since then.

Background with RedBird IMI

Before Axel Springer appeared, the RedBird IMI consortium, backed by the UAE, had tried to complete the deal. However, the prospect of a long-standing conservative British newspaper coming under the control of Persian Gulf capital — and, indirectly, of a foreign state — triggered a major political scandal in the UK. The government subsequently passed legislation banning foreign state ownership of newspapers, after which RedBird IMI abandoned the deal and passed the acquisition rights to Axel Springer.