 "UK to ban foreign state ownership of British media outlets")
The United Kingdom declared on Wednesday that it intends to prohibit foreign governments from acquiring British newspapers. This action may hinder the acquisition of the Telegraph Media Group by Abu Dhabi.
The Conservative administration is “committed” to changing the planned legislation to “prevent foreign state ownership of newspapers,” according to media minister Stephen Parkinson.
The move comes in response to pressure regarding a joint venture that is 75% controlled by Sheikh Mansour bin Zayed Al Nahyan, the vice president and deputy prime minister of the United Arab Emirates, attempting to acquire the Daily Telegraph newspaper and the Spectator magazine.
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.
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.
Impact Shorts
View AllRedbird 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”.
(With agency inputs)
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