The British government has unveiled plans to prohibit foreign states from owning UK newspapers, a move that could obstruct Abu Dhabi-backed RedBird IMI’s attempt to acquire The Telegraph. Announced on Wednesday, the proposed legislation aims to safeguard the independence of British media outlets from foreign governmental influence.
Stephen Parkinson, the culture minister in the House of Lords, stated that the government would amend existing media merger regulations. “We will amend the media merger regime explicitly to rule out newspaper and periodical news magazine mergers involving ownership, influence, or control by foreign states,” Parkinson told the Lords.
The proposed changes come amid RedBird IMI’s bid to purchase The Telegraph and The Spectator magazine. RedBird IMI, led by former CNN chief Jeff Zucker and predominantly funded by Abu Dhabi, expressed disappointment over the announcement. The company stated it would “evaluate its next steps” in light of the potential new regulations.
The Telegraph, a 168-year-old publication, is renowned for its close ties to Britain’s governing Conservative Party. Often referred to as the “Torygraph,” it has counted prominent figures like Winston Churchill and Boris Johnson among its contributors. The battle for its ownership has intensified concerns about media independence and foreign influence over politically significant assets.
Pressure has been mounting on the government following an amendment proposed by Tina Stowell, a former Conservative leader in the House of Lords. Her proposal sought to grant Parliament a veto over foreign governments acquiring British media organizations. Gaining support from over 100 Members of Parliament, the amendment highlighted worries about potential editorial interference and censorship.
The government’s response, which echoes Stowell’s concerns, led her to withdraw her amendment. The new legislation is expected to be put to a vote in the House of Lords in the coming weeks and would require approval from both the Lords and the House of Commons before becoming law.
This development unfolds against the backdrop of an embattled Conservative Party, led by Prime Minister Rishi Sunak. With general elections anticipated next year, polls suggest the party faces significant challenges in retaining power.
The proposed ban not only impacts RedBird IMI’s current bid but also signals a broader shift in how the UK manages foreign investment in critical media infrastructure. The legislation would explicitly prevent ownership, influence, or control of British newspapers by foreign states, aiming to maintain the integrity and autonomy of the nation’s press.
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UK to change law to ban foreign states from owning newspapers
cgtn.com
