UK clears Axel Springer takeover of Telegraph newspaper group

LONDON, Oct 16 (Reuters) - Britain's culture minister Lisa Nandy said on Friday she would not refer Axel Springer's planned purchase of the Telegraph Media Group to a more detailed competition investigation, clearing the way for the deal to proceed.

Nandy said the Public Interest Intervention Notice, known as PIIN, issued in January 2024, along with the related public interest merger reference order, had ceased to be in force as a result of her decision.

"I will not be referring this matter to a more in-depth 'Phase 2' investigation by the Competition and Markets Authority," she said in a written statement.

(Reporting by Sam Tabahriti; editing by Sarah Young)