Arrr! The good ol’ UK government steps in to be sure the Telegraph’s treasure ain’t snatched by those Abu Dhabi pirates!
2023-11-30
Arrr, the UK ship o' government be claimin' that this possible plunderin' o' press would harm the precious freedom o' the quill! Culture Secretary Lucy Frazer be swearin' to delve into this murky affair. Aye, let the investigation begin!
The British government has requested an investigation into a potential Abu Dhabi-backed takeover of The Telegraph newspaper to determine if it would impact press freedoms. Culture Secretary Lucy Frazer issued a "public interest intervention notice" after considering the offer made by investment fund RedBird IMI to repay debts owed by the previous owners of The Telegraph and The Spectator magazine. RedBird IMI, a joint venture between RedBird Capital and Abu Dhabi’s International Media Investments, agreed to provide loans to the Barclay family, who owned the right-leaning newspaper and magazine before they were put into receivership. The deal includes an option to turn the loans into equity, which would give RedBird IMI ownership control of the publications. Frazer has asked the Competition and Markets Authority and Ofcom to investigate the deal and report back by the end of January, citing concerns about media public interest considerations and the need for accurate news presentation and free expression of opinion. The funding for RedBird IMI largely comes from Sheikh Mansour bin Zayed Al Nahyan, owner of Manchester City Football Club. The deal would require approval from the lenders of the Barclay family and is expected to face political scrutiny. RedBird IMI has stated its commitment to maintaining the editorial independence of The Telegraph and The Spectator.