Concerns have been raised over the sale of the Telegraph newspaper and Spectator magazine to an Abu Dhabi-backed fund, prompting the culture secretary to consider initiating a probe into the deal on public interest grounds. Lucy Frazer has suggested she may issue an intervention notice. In a written statement, she said she had informed previous owners the Barclay family, their bank Lloyds, and RedBird IMI, the potential new owner, of the possible intervention.
Ms Frazer has not yet made a final decision on intervention. The parties have until 3pm GMT on Thursday to respond to the secretary of state. If an intervention notice is issued then regulators may investigate.
Six Conservative MPs had initially raised concerns about the sale’s impact on national security and press freedom. They pointed out that RedBird IMI’s owner, International Media Investments, is owned by a member of the Emirati royal family and deputy prime minister of the United Arab Emirates. RedBird IMI argued that it believed in the editorial independence of the publications and it would strive to maintain existing editorial teams.
Previously, the Telegraph and Spectator were taken over by Lloyds Bank five months ago as it attempted to recover a debt owed by the Barclay brothers. Lloyds launched a sales process for the business to recover more than £1bn that was outstanding. However, RedBird IMI announced on Monday that it had acquired the titles. The deal would see Lloyds’ debt repaid and the publications taken out of receivership
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