2024-03-13 18:09:34
London:
The UK announced Wednesday that it plans to bar overseas governments from owning British newspapers, a move that could scupper the Abu Dhabi-led takeover of the Telegraph Media Group.
Stephen Parkinson, a media minister, said the Conservative government was “committed” to amending proposed legislation so that it “prevents foreign state ownership of newspapers”.
It follows pressure over the proposed takeover of the Daily Telegraph paper and Spectator magazine by a joint venture 75 percent owned by Sheikh Mansour bin Zayed Al Nahyan, vice president and deputy prime minister of the United Arab Emirates.
RedBird IMI — a joint venture between US firm RedBird Capital and Abu Dhabi’s International Media Investments — struck a £1.2 billion ($1.5 billion) deal with TMG’s owners, the Barclay family, in November.
The agreement saw RedBird IMI pay off bank debts in exchange for control of the media group.
The announcement sparked uproar in British media circles and the UK government quickly launched a formal probe into the sale on public interest grounds.
The takeover plans have sparked concern among some lawmakers in the ruling Conservative party, which has long enjoyed a close ideological relationship with the right-leaning Telegraph titles.
They have also sparked consternation among staff and freedom of press activists.
Redbird IMI is majority-owned by Sheikh Mansour, who is also owner of Manchester City football club.
Redbird is run by former CNN president Jeff Zucker, who has said that Mansour would be a “passive investor” and that the takeover was “American-led”.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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