Culture Secretary Oliver Dowden approves £49.6m sale of ‘distinct’ i paper to DMGT The new owner has repeatedly asserted that i’s editorial independence and values would be protected

The £49.6m purchase of i by DMGT from a New York hedge fund has been given the green light after the Culture Secretary, Oliver Dowden, cleared the deal.

The new owner has repeatedly asserted that i’s editorial independence and values would be protected, as with other titles owned by the same media group.

Mr Dowden cleared the deal after considering reports from both the Competition and Markets Authority (CMA) and the media regulator, Ofcom.

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He said: “I accept the CMA’s findings that whilst it is, or may be, the case that a relevant merger situation has been created, the merger does not give rise to a realistic prospect of a substantial lessening of competition in any market.”

‘Non-partisan stance’

Ofcom added: “The i has a non-partisan stance which its readers value and which reaches a different demographic to that of current DMGT titles.

“Given this, we consider that DMGT has a strong commercial incentive to maintain the i’s distinct voice and editorial judgement without interference by the proprietor.”

Lord Rothermere, the chairman of DMGT, said: “I am delighted that, after thorough investigation, both the CMA and Ofcom have agreed that the acquisition of the i, by dmg media, does not result in a substantial lessening of competition in any market, nor a reduction in the plurality of views across newspaper groups in the UK.

“Editorial independence is an article of faith at dmg media and we are committed to maintaining both the independence and distinctive qualities of the i.

“I would like to take this opportunity of welcoming the extremely talented journalists and staff of the i to DMGT and to say how much we are looking forward to working with them in the years ahead.”

Editorial independence

The decision to approve the purchase follows a move by the previous Culture Secretary, Nicky Morgan, to issue a public intervention notice, calling on the CMA and Ofcom to report back on competition and public interest implications.

Ofcom’s report also highlighted that “data indicates that audiences regard the i as the ‘most trusted digital news brand in the UK’.”