UK to allow foreign states to own a 15 percent stake in newspapers
The government will also expand its powers to scrutinize media mergers to include news websites and news magazines.
'These important, modernizing reforms are about protecting media plurality and reflect the changing ways in which people are consuming news,' Culture Secretary Lisa Nandy said.
'We are fully upholding the need to safeguard our news media from foreign state control whilst recognizing that news organizations must be able to raise vital funding.'
The ownership of the Telegraph, one of Britain's best known newspapers, has raised questions about the independence of the media and foreign states buying political influence.
The government said 'targeted exceptions' allowing certain sovereign wealth funds or pension funds to invest up to 15 percent in British newspaper and periodicals would help sustain the titles while also limiting any foreign influence in media.
The government does not plan to exempt debt financing, but warned that if a foreign power gains control through a default, it could trigger a ministerial intervention under existing rules.
Britain's previous Conservative government last year banned foreign state investment in British newspapers, blocking RedBird IMI, run by former CNN boss Jeff Zucker and with the majority of its funding from Abu Dhabi, from owning the Telegraph.
Abu Dhabi-backed RedBird IMI took control of the Telegraph titles and the Spectator magazine in 2023 when it helped repay the Barclay family's 1.2 billion pound ($1.6 billion) debt to Lloyds Bank.
It put the titles up for sale nearly a year ago. The Spectator was sold to hedge fund founder Paul Marshall in September, but the Telegraph has not found a buyer.
The 15 percent cap would allow Abu Dhabi to retain some ownership of the paper.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
an hour ago
- Arab News
UK FM ‘sickened' by Israel's conduct in Gaza
LONDON: Britain's foreign secretary said he feels 'appalled' and 'sickened' by Israel's actions in Gaza, and that the UK could launch a new wave of sanctions against Tel Aviv if no ceasefire deal is reached. It follows a joint statement from 25 countries on Monday — including the UK, France, Canada and Australia — urging Israel to end its restrictions on aid entering the Palestinian enclave, The Independent reported. David Lammy said that only a 'change in behavior' from Israel would cause the British government to abandon its plan to introduce new sanctions against it. The Israeli military this week launched a new ground operation on Deir Al-Balah in central Gaza, which is the primary aid hub for the territory. Lammy was interviewed on 'Good Morning Britain' on Tuesday, a day after releasing the joint statement with his 24 counterparts. He was asked what steps the government would take should Israel fail to reach a ceasefire deal with Hamas. 'Well, we've announced a raft of sanctions over the last few months,' he said. 'There will be more, clearly, and we keep all of those options under consideration if we do not see a change in behavior and the suffering that we are seeing come to an end. 'It's important that we continue to work with international partners if we are to have the maximum result. But what I want to see is a ceasefire and it's my assessment that once the Knesset rises on July 28, we are more likely to see a ceasefire come into effect.' Last month, Lammy announced British sanctions against two senior far-right members of the Netanyahu government, Itamar Ben-Gvir and Bezalel Smotrich, both of whom have repeatedly incited violence against Palestinians. Monday's 25-nation joint statement condemned Israel and the US's aid model for Gaza, which was designed to replace much of the existing UN aid system in the enclave. The organization at the center of the new model, the Gaza Humanitarian Foundation, has faced intense criticism after scores of Palestinians were shot dead by Israeli forces at its designated aid sites. Lammy told 'BBC Breakfast' about his reaction to events in Gaza: 'I feel the same as the British public: appalled, sickened. I described what I saw, yesterday in parliament, as grotesque.' He added: 'These are not words that are usually used by a foreign secretary who is attempting to be diplomatic, but when you see innocent children holding out their hand for food, and you see them shot and killed in the way that we have seen in the last few days, of course Britain must call it out.' Israel's war in Gaza has killed more than 55,000 Palestinians, mostly women and children.
Arab News
4 hours ago
- Arab News
Saudi interior minister holds meeting with employees on scholarship in London
LONDON: Saudi Minister of Interior Prince Abdulaziz bin Saud bin Naif in London on Tuesday met several ministry employees studying in the UK. During the meeting, Prince Abdulaziz highlighted the ministry's commitment to offering scholarships and distinguished educational opportunities to its employees, adding that investing in individuals is key to achieving the Kingdom's Vision 2030. He said that scholarship holders will return to the Kingdom after acquiring academic and professional skills, bringing science and knowledge to contribute to Saudi Arabia's development. Assistant Minister of Interior Dr. Hisham bin Abdulrahman Al-Falih and several senior officials from the ministry attended the meeting in the English capital.
Arab News
4 hours ago
- Arab News
New UK records reveal Bush viewed Iraq war as a ‘crusade'
LONDON: A series of released records in the UK have revealed that President George W. Bush viewed the Iraq war as a 'crusade.' Cabinet Office papers made public on Tuesday show Bush considered the US 'God's chosen nation' tasked with ridding the world of 'evil-doers,' including Saddam Hussein. Sir Christopher Meyer, the UK's ambassador to Washington, wrote in December 2002 in a diplomatic cable to Whitehall: 'More than anything else, he (Bush) fears another catastrophic terrorist attack on the homeland, especially one with an Iraqi connection.' He added: 'His view of the world is Manichean. He sees his mission as ridding it of evil-doers. He believes American values should be universal values. He finds the Europeans' differentiation between Osama bin Laden and Saddam Hussein self-serving. 'He is strongly allergic to Europeans collectively. Anyone who has sat round a dinner table with low-church Southerners will find these sentiments instantly recognisable.' In January 2023, Sir Tony Blair met with Bush in the US to urge him to use diplomacy, but Sir Christopher wrote Jan. 29: 'It is politically impossible for Bush to back down from going to war in Iraq this spring, absent Saddam's surrender or disappearance from the scene.' On Jan. 30, Sir David Manning, a UK foreign policy adviser, told Sir Tony to warn Bush that a UN resolution was 'politically essential for the UK, and almost certainly legally essential as well.' Sir David told Condoleezza Rice, Bush's secretary of state, that an invasion of Iraq without one could bring down the Labour government, and that 'the US must not promote regime change in Baghdad at the price of regime change in London.' He added in a message to Sir Tony: 'I said that Bush could afford to gamble. He wanted a second resolution but it was not crucial to him. He already had congressional authority to act unilaterally. This was quite different from the situation you were facing. 'Condi acknowledged this but said that there came a point in any poker game when you had to show your cards. I said this was fine for Bush. He would still be at the table if he showed his cards and lost. You would not.' The cables also reveal other aspects of Sir Tony's time in office, including a birthday message from Russian President Vladimir Putin in 2001. 'Dear Tony,' the message read, 'accept my sincere congratulations on your birthday and heartfelt wishes of good health, happiness, success and well being to you and your family. 'With great warmth I recollect our last meeting in Stockholm, I am convinced that regular contacts between us will further facilitate the development of Russian-British relations, strengthening international security and stability.' Other revelations include a thorny diplomatic incident, when former French President Jacques Chirac had spoken in private to Sir Tony about Clare Short, the international development secretary, to complain she was 'viscerally anti-French and insupportable.' In an effort to improve relations with Chirac, UK officials also considered purchasing a map of Afghanistan for Chirac denoting British military failures in the country for 'a laugh' for his birthday in November 2001.
