# The Public Interest Merger Reference (Telegraph Media Group Holdings Limited) (Pre-emptive Action) Order 2026, Article 4


The PIHL Group and the Acquiring Entities must, during the specified period, ensure that—
(a) the Telegraph Media Group Holdings business is carried on separately from the Acquiring Entities’ business and the Telegraph Media Group Holdings business’ separate sales and brand identity is maintained;
(b) the Telegraph Media Group Holdings business is maintained as a going concern and sufficient resources are made available for the development of the Telegraph Media Group Holdings business on the basis of any plans for the development of the Telegraph Media Group Holdings business made prior to the proposed acquisition;
(c) no significant changes are made to—
(i) the organisational structure of, or the senior management responsibilities within, the Telegraph Media Group Holdings business;
(ii) the composition of the boards of the companies within the Telegraph Media Group Holdings business as they exist at the start of the specified period;
(d) the overall nature, range and quality of goods and services supplied in the United Kingdom by the Telegraph Media Group Holdings business is maintained;
(e) editorial independence of the newspapers published by the Telegraph Media Group Holdings business is maintained;
(f) except in the ordinary course of business—
(i) all of the assets of the Telegraph Media Group Holdings business are maintained, including facilities and goodwill;
(ii) none of the assets of the Telegraph Media Group Holdings business are disposed of;
(iii) no interest in the assets of the Telegraph Media Group Holdings business is created or disposed of.

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Source: https://www.legislation.gov.uk/uksi/2026/144/article/4 (the official version)
Page: https://openlegislation.uk/public-interest-merger-reference-telegraph-media-group-holdings-limited-pre-emptive-action-order-2026/article-4
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.