The culture secretary, Lisa Nandy, has cleared Axel Springer's £575 million takeover of The Telegraph, ending nearly three years of uncertainty over the ownership of the titles. Nandy stated that she does not believe there are grounds to refer the deal to Ofcom for an in-depth investigation under public interest or foreign state influence rules.
“I am currently not minded to intervene in this merger under either regime on the basis of the evidence available to me at this time,” Nandy said. The deal remains subject to regulatory approvals in Ireland and Austria, but Axel Springer expects to complete the acquisition by the end of June.
Mathias Döpfner, chief executive of Axel Springer, welcomed the approval, saying: “After a long period of uncertainty, we can confirm that we will invest significantly in the Telegraph’s editorial excellence and international growth.” The Telegraph will join Axel Springer’s portfolio, which includes Bild, Politico, and Business Insider.
The sale was triggered in 2023 when the Barclay family lost control of the Telegraph over £1.16 billion in unpaid debts. RedBird IMI, backed by the UAE, took control but was forced to sell after new laws blocked foreign state ownership of UK newspapers. A rival bid from the Daily Mail's owner was scuppered when Axel Springer tabled a superior offer.
Döpfner has pledged to maintain editorial independence and invest in the Telegraph to make it a leading centre-right media outlet globally, with US expansion plans supported by Politico and Business Insider. The Telegraph Media Group employs nearly 900 staff, including about 400 journalists.
