Telegraph takeover by German buyer cleared by culture secretary

Culture Secretary Lisa Nandy clears the path for German media giant Axel Springer's £575m acquisition of The Telegraph, concluding a protracted ownership saga. | Contesto: cronaca

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• Telegraph takeover by German buyer cleared by culture secretary

Contesto

The UK government has given its final approval for the sale of The Telegraph Media Group to German publishing conglomerate Axel Springer, ending a nearly three-year period of limbo for one of Britain's most influential newspaper titles. Culture Secretary Lisa Nandy announced on Tuesday that she found no grounds to intervene in the £575 million deal or to refer it to the media regulator, Ofcom, for a formal in-depth investigation. The decision effectively removes the last significant regulatory hurdle, allowing the transaction to proceed after a complex and politically charged process. The takeover saga began in 2022 when the previous owners, the Barclay family, were forced to put the titles up for sale after Lloyds Banking Group seized control due to a debt dispute. A subsequent auction attracted intense interest, with Axel Springer emerging as the preferred bidder. The process, however, became ensnared in regulatory scrutiny over concerns regarding foreign ownership of a British national newspaper and the potential impact on free expression and accurate news presentation. The involvement of a major German publisher, with its own distinct editorial stance, added a layer of geopolitical and cultural sensitivity to the proceedings. Under UK law, the Secretary of State for Culture, Media and Sport holds a specific power to intervene in media mergers on public interest grounds, primarily focusing on the need for accurate news and free expression. Ms. Nandy's statement indicates that, after reviewing the proposed deal, she concluded these thresholds were not met. "I do not believe there are grounds to intervene and refer the deal to the media regulator, Ofcom, for an in-depth regulatory investigation," she said. This verdict follows a preliminary review by the Competition and Markets Authority, which also did not raise competition concerns. The acquisition marks a significant strategic expansion for Axel Springer, which already owns prominent publications like Germany's Bild and Die Welt, and has a growing international portfolio that includes Politico. For The Telegraph, a bastion of British conservative journalism founded in 1855, the sale concludes a period of...

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Categoria: cronaca