The UK government announced on Wednesday its support for legislation that would prohibit foreign state ownership of British newspapers and magazines. This decision could potentially disrupt a planned takeover of the Telegraph Media Group by a consortium led by the United Arab Emirates.
The move follows calls from lawmakers across party lines for a direct ban on foreign state ownership to prevent publications from echoing the views of state actors. The Minister of Media, Stephen Parkinson, confirmed that an amendment will be introduced to the 'Digital Markets, Competition and Consumers Bill' currently progressing through Parliament.
The bill, expected to pass easily, will block foreign governments from acquiring British publications while allowing foreign individuals and firms to continue ownership. Parkinson emphasized the importance of press freedom in a democracy, highlighting the need for independence from government influence.
The legislation was prompted by concerns over the proposed takeover of right-leaning publications by a consortium backed by a member of Abu Dhabi's royal family and a U.S. financial firm. The potential acquisition of the Telegraph Media Group, which includes The Daily Telegraph, The Sunday Telegraph, and The Spectator magazine, is also under investigation for its implications on press freedom.
The editor of The Spectator expressed support for the government's decision, warning against the dangers of government-owned newspapers compromising press freedom. The consortium involved in the takeover expressed disappointment at the ban, citing their intention for a commercial investment in the UK media industry.
RedBird IMI, the consortium behind the proposed acquisition, stated that they would assess their next steps while maintaining a focus on commercial interests. The future of the takeover remains uncertain as the government's ban on foreign state ownership of British media takes effect.
