Overview

• A cross-party group of six Conservative MPs, two Tory peers, Labour, Liberal Democrat and SNP members signed a letter calling for a full and transparent investigation into the deal’s financing.
• MPs and peers highlighted John Thornton’s role on China’s sovereign wealth fund advisory council and his meetings with senior Chinese officials as raising national security concerns.
• RedBird Capital has insisted the £500 million acquisition is fully funded without any Chinese state money and not dependent on additional investors.
• Under the proposed sale, RedBird Capital would become sole controlling owner while International Media Investments would reduce to a minority stake to comply with new legislation capping foreign state ownership at 15%.
• No formal regulatory application has yet been submitted to the Department for Culture, Media and Sport, and ministers must still sign off on the transaction under the incoming foreign ownership rules.