The UK government has announced plans to forbid foreign state ownership of newspapers and news magazines as a measure to uphold the credibility of the British media. According to reports, the decision comes while concerns increase over a proposed takeover bid of the Daily Telegraph and Spectator by a United Arab Emirates-backed investment firm, RedBird IMI.

The decision follows calls from politicians spanning various political affiliations, advocating for a direct prohibition rather than relying on regulatory measures to prevent publications from echoing the perspectives of state entities.

Stephen Parkinson, a media minister, announced in the upper-chamber House of Lords that the Conservative government would amend proposed legislation so that it "prevents foreign state ownership of newspapers".

This announcement, made in the House of Lords, signals a significant shift in policy to prevent undue external influence on British media outlets.

A government spokesperson added that the move would “deliver additional protections for a free press, a pillar of our democracy”.

Pressure had been mounting on the government to intervene amidst growing concerns over the proposed takeover bid by RedBird IMI, which holds a 75 percent stake in the investment venture. The proposal, supported by UAE Deputy Prime Minister Sheikh Mansour bin Zayed Al Nahyan, has sparked significant concerns regarding the possibility of foreign influence over crucial aspects of the British press.

The proposal, supported by UAE Deputy Prime Minister Sheikh Mansour bin Zayed Al Nahyan, has sparked significant concerns regarding the possibility of foreign influence over crucial aspects of the British press.

RedBird IMI, a joint venture between US firm RedBird Capital and Abu Dhabi's International Media Investments, struck a £1.2 billion ($1.5 billion) deal with TMG's owners, the Barclay family, in November.

The agreement saw RedBird IMI pay off bank debts in exchange for control of the media group.

Since his acquisition of soccer club Manchester City in 2008, Sheikh Mansour has become a prominent figure in Britain. His substantial wealth has completely transformed the fortunes of the club, propelling it from an underdog in the English Premier League to a dominant force.

The proposed acquisition of the Telegraph Media Group, which includes The Daily Telegraph, The Sunday Telegraph, and The Spectator magazine, has attracted separate scrutiny. This investigation, initiated by Culture Secretary Lucy Frazer, aims to assess its potential implications for press freedom. Notably, The Telegraph papers are closely aligned with the governing Conservative Party.

The takeover bid has faced opposition from Fraser Nelson, editor of The Spectator, who has welcomed the government's decision to implement the ban.

The proposed amendment to the Digital Markets, Competition and Consumers Bill is expected to be met with widespread support in Parliament, reflecting a united front in defence of press freedom.

Despite assurances from RedBird IMI that the bid was a purely commercial endeavour, concerns persist over the potential implications of foreign ownership on journalistic independence.

Image source: Bloomberg