Regulatory bodies have forwarded their findings regarding the Telegraph takeover investigations to the Government.
The Culture Secretary has received reports from UK regulators concerning the potential ramifications of the proposed acquisition of the Telegraph newspaper group, backed by a Gulf state.
This development occurs as Lucy Frazer prepares to announce a decision regarding the feasibility of the deal, amidst concerns regarding its implications for freedom of speech and the accurate portrayal of news.
Last year, RedBird IMI, a fund supported by Abu Dhabi, struck a deal with the former owners of the Telegraph, the Barclay family, to assume control of the newspaper group. This agreement also encompasses ownership of The Spectator, another publication, through settling debts owed to Lloyds Bank.
RedBird IMI, primarily owned by Sheikh Mansour bin Zayed Al Nahyan, Vice President of the United Arab Emirates (UAE) and proprietor of Manchester City Football Club, is the principal entity behind this proposed acquisition.
Following the announcement of the deal, Ms. Frazer confirmed the Government’s initiation of a Public Interest Intervention Notice (PIIN) to examine its potential impact on press freedom.
In January, the Culture Secretary was compelled to initiate further scrutiny after the proposed owner unveiled a new corporate structure for the acquisition.
Under the updated procedure, Ms. Frazer requested that media regulator Ofcom and the Competition and Markets Authority (CMA) submit the findings of their investigations by Monday. Both organizations have confirmed the transmission of their findings to the minister.
A spokeswoman for the CMA stated, “We have submitted our reports evaluating competition in the Telegraph/Redbird IMI deal to the Government, and it is now under review by the Secretary of State for Culture, Media and Sport to determine our next steps.”
Likewise, an Ofcom spokesman mentioned, “We have provided our advice to the Secretary of State within the deadline she set.”
On Monday, Labour’s shadow culture secretary urged for the deal to be obstructed. Thangam Debbonaire informed The Spectator that the party’s stance is against national newspapers being owned by foreign governments.
She remarked, “This is an attempt by a foreign authority, funded by the deputy prime minister of the UAE, and as such, this bid should be rejected.”