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On Wednesday, the U.K. government announced its support for a proposed law that would prohibit foreign states from owning British newspapers and magazines. This decision could potentially disrupt the intended acquisition of the Telegraph Media Group by a consortium led by the United Arab Emirates.
The announcement follows pressure from various members of government to implement a direct prohibition, instead of relying on regulations, to prevent publications from echoing the opinions of state representatives.
Stephen Parkinson, the minister responsible for media, announced that the government plans to add an amendment to the “Digital Markets, Competition and Consumers Bill,” which is currently being debated in Parliament.
The legislation, anticipated to be approved without difficulty, will prohibit foreign governments from taking control of British print media. Nonetheless, individuals and businesses from other countries will still be allowed to possess newspapers and magazines.
Parkinson stated that the freedom of the press is crucial for a well-working democracy. He explained this as being free from government control.
The reason behind this legislation is worry over the intended acquisition of conservative publications by RedBird IMI, which is supported by American financial company RedBird Capital Partners and Sheikh Mansour bin Zayed Al Nahyan, a member of Abu Dhabi’s ruling family and the UAE’s vice president.
Sheikh Mansour has been a notable figure in the UK since his acquisition of Manchester City football club in 2008. His substantial riches have greatly improved the success of City, propelling the team from a lesser competitor in the English Premier League to a powerhouse.
The potential acquisition of the Telegraph Media Group, which includes The Daily Telegraph, The Sunday Telegraph, and The Spectator magazine, has also been under scrutiny by the Culture Secretary Lucy Frazer. This investigation was prompted by concerns over the potential effects on freedom of the press. The Telegraph papers have a strong relationship with the governing Conservative Party.
Fraser Nelson, editor of Spectator, has expressed opposition towards the takeover and has welcomed the government’s choice to implement the ban.
According to the speaker on Sky News, when governments, whether they be British, European, or Arab, take control of newspapers, it results in a serious restriction of press freedom.
Nelson added that in the field of journalism, a common rule is to “follow the money.” If that money ultimately traces back to the Abu Dhabi government, it poses a significant obstacle for press freedom.
RedBird IMI expressed their disappointment with the government’s decision, stating that they have made six investments in both the U.S. and U.K. and believe that the media industry in the U.K. deserves more investment.
“As stated with all our agreements, we made it known that the purchase of The Telegraph and The Spectator was strictly a business venture,” the statement read. “We will now assess our next course of action, keeping our commercial interests as the top priority.”
Source: independent.co.uk
