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House of Lords Approves 15% Foreign Ownership Cap, Clearing Path for Telegraph Takeover

Peers voted 267–155 in the House of Lords to enshrine a 15% foreign stake limit that unlocks RedBird Capital’s £500 million Telegraph bid under regulatory review

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Overview

  • The vote rejected a rare Liberal Democrat ’fatal motion’, ensuring the cap moves into law after Commons approval and Lords scrutiny.
  • The new legislation replaces the previous zero-percent threshold set in March 2024 and permits passive foreign investment in UK newspapers up to 15%.
  • Gerry Cardinale’s RedBird Capital is leading a consortium in which Abu Dhabi’s International Media Investments would retain up to a 15% stake in the Telegraph.
  • Before completion, the proposed £500 million takeover must clear a public interest test set by Culture Secretary Lisa Nandy and a full Competition and Markets Authority investigation.
  • Ministers will introduce a statutory instrument after the September recess to bar multiple identical stakes and reinforce safeguards against undue editorial influence.