The submitting signifies that Lisa Nandy, the tradition secretary, should resolve whether or not to concern a brand new Public Curiosity Intervention Discover (PIIN) which might set off additional investigations into the takeover.
The notification by RedBird Capital’s legal professionals ought to pave the best way for the lifting of an interim enforcement order (IEO) imposed by Lucy Frazer, the then Conservative tradition secretary, in December 2023, which prevented the acquirers from exerting any management over the Telegraph.
Insiders consider that the elimination of the IEO will outcome within the DCMS issuing a brand new PIIN, which might immediate investigations by Ofcom and the Competitors and Markets Authority into the £500m takeover.
A earlier PIIN was issued in January 2024 when RedBird supposed to purchase the Telegraph titles at the side of Abu Dhabi state-controlled investor IMI.
RedBird mentioned in Could that it was “in discussions with select UK-based minority investors with print media expertise and strong commitment to upholding the editorial values of the Telegraph”.
The Spectator was offered final 12 months for £100m to Sir Paul Marshall, the hedge fund billionaire, who has put in Lord Gove, the previous cupboard minister, as its editor.
In July, the Home of Lords accepted laws that can permit IMI, which is managed by Sheikh Mansour bin Zayed Al Nahyan, the vice-president of the United Arab Emirates and supreme proprietor of Manchester Metropolis Soccer Membership, to carry a minority stake.
Different bidders had tried to gatecrash the Telegraph deal, with the sector of rival contenders led by Dovid Efune, the proprietor of The New York Solar.
Mr Cardinale mentioned after the Lords vote: “With legislation now in place, we will move quickly and in the forthcoming days work with DCMS to progress to completion and implement new ownership for The Telegraph.”
Senior Telegraph executives and journalists are mentioned to be pissed off on the tempo of the method.
Not one of the events concerned within the Telegraph possession scenario would remark, whereas the DCMS declined to remark.
