MPs Call for Authority to Prevent Foreign Acquisition of UK Media in Response to Telegraph Sale
More than 100 MPs have written to the culture secretary, urging the government to grant Parliament the power to reject foreign takeovers of news media in the UK.
The MPs are concerned about the proposed UAE acquisition of the Telegraph and Spectator, which is currently undergoing scrutiny by regulatory bodies.
A letter signed by MPs from five different political parties calls for an amendment to the Digital Markets, Competition and Consumers Bill. This amendment, proposed by a group of peers, would require parliamentary approval for any foreign acquisition of a UK-based news publisher.
Regulatory watchdogs, including Ofcom and the Competition and Markets Authority, are carefully examining the proposed takeover of the Telegraph and Spectator by RedBird IMI, a company funded by a member of the ruling family of Abu Dhabi.
The letter emphasizes the importance of safeguarding the independence of the British press from foreign government control. It warns against undermining press freedom by allowing foreign entities to control major media organizations in the UK.
The MPs are urging the government to accept the proposed amendment, which would give Parliament the final authority to veto a foreign takeover even if cleared by regulatory bodies.
In the meantime, RedBird IMI and Telegraph Media Group have been instructed not to make any significant changes to staff or the structure of the Telegraph Media Group.
The government has yet to announce its position on the proposed amendments to the Digital Markets, Competition and Consumers Bill.
