The Secretary of State for Culture, Media and Sport has issued a public interest intervention notice (‘PIIN’) in relation to the proposed acquisition of Telegraph Media Group Holdings Ltd by the Daily Mail and General Trust plc (DMGT), prompting the Competition and Markets Authority and Ofcom to launch investigations and invite comments on their respective reports.

The PIIN was made under section 42 of the Enterprise Act 2002 (EA), after the Secretary of State concluded – as set out in a letter to DMGT – that she has reasonable grounds for suspecting that “arrangements are in progress or in contemplation which, if carried into effect, will result in the creation of a relevant merger situation” and that “one or more than one public interest consideration is relevant to a consideration of the relevant merger situation concerned”.

In particular, she cites the two following public interest considerations under section 58 of the EA:

1. The need for, to the extent that it is reasonable and practicable, a sufficient plurality of views in news media in each market for news media in the United Kingdom or a part of the United Kingdom; and

2. The need, in relation to every different audience in the United Kingdom or in a particular area or locality of the United Kingdom, for there to be a sufficient plurality of persons with control of the media enterprises serving that audience.

The effect of issuing the PIIN is that both Ofcom and the CMA are required to investigate and produce reports to the Secretary of State by 10 June 2026, after which she will decide what further action to take, which could include a Phase 2 reference.

In the case of the CMA, its report will consider whether the transaction will create a relevant merger situation under the merger provisions of the EA and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within any UK market for goods or services.

As for Ofcom, its report will consider the two public interest considerations that the Secretary of State has identified. Whilst it will not deal with competition law matters, its report will “provide advice and recommendations on the Secretary of State’s decision on whether she should refer the case to the CMA for further analysis”. In addition to its invitation to comment, Ofcom has also published a guidance note on its role, which can be found here.

Both the CMA and Ofcom have launched invitations to comment in relation to their respective reports. Ofcom’s can be found here, whilst the CMA’s can be found here. Both close on 27 February 2026.