RedBird IMI – a partnership between a fund backed by the UAE’s vice-president, Sheikh Mansour bin Zayed Al Nahyan, and a privately owned US investment firm – is seeking to acquire one of the UK’s most influential newspaper groups.
However, the planned takeover has been fiercely opposed by many Tory MPs and peers who have raised concerns about the Gulf state ’s record on press freedom. Yesterday, the media minister, Lord Stephen Parkinson , announced in the House of Lords that the government would put forward an amendment preventing foreign state ownership of newspapers or news magazines. The acquisition of the Telegraph by Redbird IMI is widely expected to be blocked if the proposed legislation goes ahead.
Parkinson told the Lords that the amendment would rule out “newspaper and periodical news magazine mergers involving ownership, influence or control by foreign states”.
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