More than 100 MPs back calls to block controversial sale of Telegraph to UAE-funded firm
The amendment would require parliament’s approval before UK news media organisations could be purchased by a foreign government
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Your support makes all the difference.As the deadine looms for the government to decide whether the Telegraph should be sold, there was an intervention in parliament this week.
More than 100 MPs made a plea to block the sale of the newspaper to a UAE-funded firm, warning the move threatens to undermine free press in the UK.
A letter signed by the cross-party group of MPs, sent to Culture Secretary Lucy Frazer from former housing minister Robert Jenrick, asked Mrs Frazer to accept the amendment to the Digital Markets Bill that was tabled in the House of Lords.
The amendment would require parliament’s approval before UK news media organisations could be purchased by a foreign government.
The proposed sale of the Telegraph newspapers and the Spectator is to a company based in America called RedBird IMI, which is run by Jeff Zucker, the former CNN chief. It derives most of its funding from Sheikh Mansour bin Zayed al-Nahyan, a member of the ruling family of Abu Dhabi, who is vice-president of the UAE and owner of Manchester City FC.
It is understood that RedBird IMI is offering to help pay the £1.16 billion in debts that the current owners, the Barclay family, owe to Lloyds Bank.
The proposed move has prompted a fiery debate with figures such as Andrew Neil and former Telegraph editor Charles Moore arguing that it would undermine editorial independence.
Others argue that Mansour’s IMI would be involved in the deal in a private equity capacity, which would not entitle it to editorial sway, and that foreign investment should be welcomed.
Former Times leader writer Simon Nixon wrote: “There is no prospect of Abu Dhabi getting editorial control of The Telegraph and The Spectator. That is because what is being proposed is a private equity deal in which Mansour’s IMI would be a purely passive investors...
“The irony is that RedBird may be the first owner of The Telegraph in decades that genuinely cares about editorial standards, rather than pursuing a political agenda.”
Mr Jenrick said he urges the government to accept the tabled amendment.
“Our free press is a cornerstone of our democracy. We must do everything we can to protect it,” he said.
“Takeovers of news organisations by foreign governments should not only face the usual scrutiny by regulators and government, but also from elected representatives in parliament as a final bulwark for press freedom.
“From my conversations it is clear there is very wide cross-party support in the House of Commons for Baroness Stowell’s amendment. I urge the government to accept it, or have it forced upon them.”
The government has ordered an investigation into the deal by regulators Ofcom and the Competition and Markets Authority. They have until March 11 to report.
In the meantime, RedBird IMI and Telegraph Media Group have been banned from making any changes to key staff or the structure of the Telegraph business, which also includes the Spectator magazine.
The Department of Culture has been contacted for comment.
It comes as RedBird IMI announced a £1.15 billion deal to buy the production company behind Fleabag and the Traitors.
The deal will see the firm, which is headed by former CNN president Jeff Zucker, take over London-based All3Media.
It came after an agreement with All3Media’s owners Warner Bros, Discovery and Liberty Global.