Liberal Democrats in bid to block foreign state ownership of newspapers
He said: 'Last year, a coalition of members in both Houses supported a ban on foreign state ownership in UK newspapers, bringing into law legislation that protected our historic, free and independent press from the influence of foreign regimes.
'My benches supported your Government in introducing that crucial legislation. Today, we find ourselves facing new plans to scrap it.
'We should all be alarmed at the prospect of foreign powers – whose interests may diverge sharply from our own – gaining a foothold in our media landscape and shaping it, insidiously, to their own narrative. We believe that it is not just a policy misstep but a fundamental error that exposes our media to unacceptable risks.'
He argued that the proposed 15 per cent cap was riddled with loopholes and could allow a 'consortium of foreign regimes' to gain a controlling interest in a British newspaper.
Lord Fox, the Lib Dem business spokesman, has tabled a fatal motion to block the planned legislation.
Press freedom 'not for sale'
Addressing Tory peers, Lord Newby said: 'We are all aware of the arithmetic of our House – the motion will not pass if you do not support it. This is a moment for Parliament to send a message, united across party lines, that the freedom of the British press is not for sale.'
RedBird Capital, the US private equity firm, reached an agreement in principle to acquire control of The Telegraph for £500 million from RedBird IMI.
Gerry Cardinale, the founder and managing partner of RedBird Capital, said the deal marked 'the start of a new era' for the newspaper.
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