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There’s nothing unprecedented about overseas billionaires – in lots of instances from Arab states comparable to Qatar, the United Arab Emirates and Saudi Arabia – proudly owning related and historic actual property, in addition to college services, assume tanks and even beloved sports activities. To personal groups.
However apparently, newspapers are prohibited.
An funding coming from the UAE has despatched British politicians, media and even intelligence officers right into a tizzy.
The UK authorities has revealed its plans to cease overseas states from proudly owning newspapers. This is able to probably give ministers the facility to dam a bid by Abu Dhabi-backed Redbird IMI to purchase conventional British newspaper The Telegraph.
Reuters reported:
“The battle over considered one of Britain's best-known newspapers has raised questions on media independence and the function of overseas buyers who personal politically influential belongings.”
The Telegraph has lengthy supported Britain's ruling Conservative Social gathering. The battle for its possession is about politics, energy and affect.
Stephen Parkinson, the tradition minister within the Home of Lords, stated the federal government would search modifications to the legislation by means of Parliament to forestall overseas states from proudly owning British newspapers.
'We’ll explicitly amend the media merger regime to disallow newspaper and periodical information journal mergers involving the possession, affect or management of overseas states,' Parkinson informed the Lords.
The change in legislation would stop a Telegraph takeover bid by Redbird IMI. The group additionally plans to purchase the Spectator information journal.
Redbird IMI is run by former CNN boss Jeff Zucker, and most of its funding comes from Abu Dhabi.
New restrictions on overseas management will likely be put to a vote within the Home of Lords within the subsequent few weeks.
Earlier than the brand new guidelines come into pressure, it must be handed a vote there and in addition within the decrease Home of Commons.
“ Parkinson stated the brand new measures would create a brand new obligation for the federal government to refer any related media merger to the Competitors and Markets Authority (CMA) watchdog.
If the CMA decided that the merger 'has resulted, or would consequence, from the overseas state's possession, affect or management over a newspaper enterprise,' the federal government is legally required to order the merger blocked or terminated. will likely be.