The government’s move to protect the Telegraph and Spectator from a UAE-backed takeover could open the door to a bid involving Rupert Murdoch.
| Prime Minister Rishi Sunak will legislate to prevent a foreign government from buying a British news company, as he seeks to protect theMr Sunak’s move potentially opens the door for Rupert Murdoch to make a play for one or both titles, followingowner Lord Rothermere to launch a rival bid.The move comes after months of pressure from Conservative MPs and the right-wing press, who have argued that the United Arab Emirates’ lack of press freedom makes it an unfit owner for British media assets.
They have lent cash to the titles’ financially stricken former owners, the reclusive Barclay family, to rescue them from a seizure by the family’s main creditor, Lloyds Banking Group. The deal is that having bailed out the Barclays, RedBird IMI will then assume control of both titles.
Their concerns prompted the government to launch two official probes into the deal, by the competition and communications regulators. These reports were due on Culture Secretary Lucy Frazer’s desk this week, but Mr Sunak’s move to legislate a ban leapfrogs this process. The Competition and Markets Authority would likely be given a new role in determining whether a proposed foreign-state stake in a media group amounted to influence or control.
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