LONDON — U.K. Culture Secretary Lisa Nandy announced on Tuesday that she will not block Axel Springer’s acquisition of the U.K.’s Telegraph Media Group, facilitating a significant ownership transition for the newspaper.
In a statement to parliament, Nandy mentioned she doesn’t intend to interfere with the merger between Axel Springer, POLITICO’s owner, and the Telegraph, based on the current evidence.
Axel Springer described this green light as a “significant milestone” in the transaction process. Although regulatory approval is still pending in Ireland and Austria, the deal is anticipated to conclude in the year’s second quarter.
Mathias Döpfner, Axel Springer’s Chief Executive, expressed satisfaction with the U.K. government’s approval, noting plans for substantial investment in The Telegraph’s editorial quality and global reach following a period of uncertainty.
The acquisition, initially announced in March, was scrutinized by the U.K.’s Department for Digital, Culture, Media and Sport for its competition and foreign influence implications, given the German company’s interest in the right-leaning British publication.
Axel Springer was not the only contender; the Daily Mail & General Trust had also made a £500 million acquisition offer.
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