UK to allow foreign states to own 15% stake in British newspapers
UK to allow foreign states to own 15% stake in British newspapers
UK to allow foreign states to own 15% stake in British newspapers
The UK government plans to allow foreign states to own up to a 15% stake in British newspapers and magazines under new media reforms.
The proposed change, which was announced on Thursday, comes a year after the former Conservative government banned foreign newspaper or magazine ownership amid concerns over an Abu Dhabi-led takeover of the Telegraph, one of Britain's best-known papers.
The Labour government, which came to power after a landslide election victory in July, argues that a 15% cap on state-owned investors will help UK news organisations to seek investment while limiting the risk of foreign state influence.
As part of the reforms, the rules on media mergers will be expanded to include online news publications and magazines. Currently, they only apply to television, radio and print newspapers.
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'Britain's free and independent press is a national asset like no other and it is right that we have strong measures in place to allow scrutiny of UK takeovers that might go against the public interest,' Culture Secretary Lisa Nandy said.
'We are fully upholding the need to safeguard our news media from foreign state control whilst recognising that news organisations must be able to raise vital funding,' she added.
The changes, which can only be enacted after votes in the House of Commons and the House of Lords, could end two years of uncertainty at the Telegraph and the Sunday Telegraph.
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Backed by the Abu Dhabi royal family, the US private equity firm RedBird IMI effectively took control of both papers and the Spectator magazine in 2023 after partly repaying the debts of the titles' previous owners, the Barclay family.
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However, the last Conservative government blocked RedBird IMI's ownership by introducing the Digital Markets, Competition and Consumers Act 2024, which prevents foreign states or associated individuals from acquiring British newspapers.
The UK government's new 15% cap on foreign ownership could permit the Telegraph sale to go ahead.
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