Abu Dhabi-based RedBird will intervene in the takeover of IMI Telegraph Media Group, the UK’s media minister said on Thursday. As this agreement affects the accurate dissemination of information or free expression, the opinion is in the public interest.
The right-wing Daily Telegraph newspaper and the Spectator magazine, two media outlets favored by British Conservative Party politicians, are being sold after Lloyds Banking Group took control in June following a long-running dispute with former owners the Barclays family.
However, the government said in a letter to RedBird that the minister was concerned the company could influence the Telegraph’s operations.
“My department has today written to the Barclay family and the current and potential owners of RedBird IMI, Telegraph Media Group (TMG) to inform them that I will be issuing a Public Interest Intervention Notice (PIIN),” Minister Lucy Fraser said. Media, in a statement.
As a result, the UK’s Competition Markets Authority (CMA) and media regulator Ofcom will examine the deal, considering “the need for accurate presentation of news and freedom of expression in newspapers,” Fraser added.
“I have asked the CMA and Ofcom to report to me by January 26, 2024,” Fraser said.
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