The United Kingdom is set to introduce changes to the law that would prohibit foreign states from owning, influencing, or controlling British newspapers, according to a report from Sky News on Wednesday. This move could potentially impact the bid by Redbird IMI, backed by Abu Dhabi, to acquire the Telegraph newspaper.
Sky News correspondent Mark Kleinman announced the government’s intention to implement these changes through an amendment. Legislation enabling this amendment is slated for debate in the House of Lords later in the day.
The bid for the Telegraph, known for its political influence, has sparked concerns regarding media independence and the potential for foreign investors to compromise press freedom.
The proposed amendment, expected to be introduced during the third reading of the Digital Markets Act in parliament, aims to prohibit foreign state ownership of national media publications. Ministers are anticipated to present the amendment as early as next week.
The bid for the Telegraph and Spectator by Redbird-IMI, a joint venture between the US and Abu Dhabi with 75% ownership by Sheikh Mansour, vice president of the United Arab Emirates, has faced significant backlash. Politicians, journalists, and even a former spy chief have expressed concerns about the deal’s implications for press freedom.
Following reports from UK competition and media regulators submitted on Monday, Media Secretary Lucy Frazer is tasked with deciding whether the proposed purchase should proceed.
Read all the World News, Business News, Sports News, Entertainment News, Business News and Opinion here. Follow us on Facebook, Twitter and Instagram.
