UK to ban foreign ownership of newspapers, magazines; stops Daily Telegraph takeover

The UK government announced plans to prohibit foreign governments from owning newspapers and news magazines in the country. This decision came in response to concerns raised over a proposed takeover of the Daily Telegraph and Spectator by an investment firm backed by the United Arab Emirates, RedBird IMI.

In a statement, the government emphasized that the proposed legislation aimed to enhance protections for a free press. However, a spokesperson for the UAE-funded group expressed disappointment with the development.

Labour has signaled its support for the change, which will be introduced as an amendment to a forthcoming law set to be debated next week. Pressure had been mounting on the government from across party lines, with the possibility of a defeat in the House of Lords looming as peers called for urgent action.

Lord Parkinson of Whitley Bay, announcing the ban, stated that the new law would prevent mergers of newspapers and periodical news magazines involving ownership, influence, or control by foreign states. The amendment to block such deals will be presented as part of the Digital Markets, Competition, and Consumers Bill, scheduled for its third reading next week. Lord Parkinson clarified that the ban would not extend to broadcasters.

Meanwhile, RedBird IMI continues its efforts to acquire the Daily and Sunday Telegraph newspaper titles and the Spectator current affairs magazine, having settled the debts of the previous owner.

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