Britain plans to ban foreign government ownership of domestic newspapers, a move that comes as London seeks to prevent the United Arab Emirates (UAE) from owning Telegraph Media Group (TMG).
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| He tried to protect the country's press system from foreign government interference. (Source: Bloomberg) |
On March 13, speaking before the British House of Lords, Communications Minister Stephen Parkinson said that the Conservative Government will amend the draft law to prevent foreign governments from owning domestic media corporations.
He announced the decision amid concerns that a joint venture company owned by UAE Vice President Mansour bin Zayed Al Nahyan wants to own 75% of the shares of the Daily Telegraph and Spectator magazine.
RedBird IMI, a joint venture between US firm RedBird Capital and UAE-based International Media Investments, struck a £1.2bn deal with TGM's owners last November.
Under the deal, RedBird IMI would pay off TMG's bank debt in exchange for control of the group. The announcement caused a stir in the British media, with Telegraph staff speaking out against the proposal and even London authorities quickly launching an investigation into the matter.
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