UK Government Intervenes in Abu Dhabi-Backed Takeover of The Telegraph

Culture Secretary Lucy Frazer triggers review over concerns of potential foreign influence on press freedoms.

UK Culture Secretary Lucy Frazer has issued a Public Interest Intervention Notice (PIIN) to investigate the proposed takeover of The Telegraph and The Spectator magazine by RedBird IMI, a joint venture between RedBird Capital and Abu Dhabi’s International Media Investments, led by former CNN chief Jeff Zucker.
The intervention has been triggered due to concerns about the potential impact on the need for accurate presentation of news and free expression of opinion in newspapers.
RedBird IMI has pledged to maintain the existing editorial team and ensure editorial independence for the titles, but concerns have been raised about potential foreign influence due to significant funding from Sheikh Mansour bin Zayed Al Nahyan, a member of Abu Dhabi’s royal family.
The deal, which involves a loan of up to £600 million ($751 million) to the Barclay family, owners of the publications, includes an option to turn the loans into equity, giving RedBird IMI ownership control of the newspaper and magazine.
The review by the Competition and Markets Authority and Ofcom is expected to conclude by late January 2024. If the deal is blocked, an auction for the titles would be resumed.