UK to allow foreign states to own a 15 percent stake in newspapers
LONDON: Britain plans to allow foreign state-owned investors to own up to 15 percent of British newspaper publishers, the government said on Thursday, as part of media reforms that could end long-running uncertainty over ownership of the Telegraph newspaper.
The government will also expand its powers to scrutinize media mergers to include news websites and news magazines.
'These important, modernizing reforms are about protecting media plurality and reflect the changing ways in which people are consuming news,' Culture Secretary Lisa Nandy said.
'We are fully upholding the need to safeguard our news media from foreign state control whilst recognizing that news organizations must be able to raise vital funding.'
The ownership of the Telegraph, one of Britain's best known newspapers, has raised questions about the independence of the media and foreign states buying political influence.
The government said 'targeted exceptions' allowing certain sovereign wealth funds or pension funds to invest up to 15 percent in British newspaper and periodicals would help sustain the titles while also limiting any foreign influence in media.
The government does not plan to exempt debt financing, but warned that if a foreign power gains control through a default, it could trigger a ministerial intervention under existing rules.
Britain's previous Conservative government last year banned foreign state investment in British newspapers, blocking RedBird IMI, run by former CNN boss Jeff Zucker and with the majority of its funding from Abu Dhabi, from owning the Telegraph.
Abu Dhabi-backed RedBird IMI took control of the Telegraph titles and the Spectator magazine in 2023 when it helped repay the Barclay family's 1.2 billion pound ($1.6 billion) debt to Lloyds Bank.
It put the titles up for sale nearly a year ago. The Spectator was sold to hedge fund founder Paul Marshall in September, but the Telegraph has not found a buyer.
The 15 percent cap would allow Abu Dhabi to retain some ownership of the paper.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Asharq Al-Awsat
3 hours ago
- Asharq Al-Awsat
IAEA's Board of Governors Finds Iran Isn't Complying with Nuclear Obligations
The UN nuclear watchdog's board of governors on Thursday formally found that Iran isn't complying with its nuclear obligations for the first time in 20 years, a move that could lead to further tensions and set in motion an effort to restore United Nations sanctions on Tehran later this year. The International Atomic Energy Agency's board, which represents the agency's member nations, voted for the resolution at a meeting in Vienna, according to diplomats who spoke on condition of anonymity to describe the outcome of the closed-doors vote. In the draft resolution seen by The Associated Press, the board of governors renews a call on Iran to provide answers 'without delay' in a long-running investigation into uranium traces found at several locations that Tehran has failed to declare as nuclear sites. Western officials suspect that the uranium traces could provide evidence that Iran had a secret nuclear weapons program until 2003. The resolution was put forward by France, the UK, and Germany, as well as the United States.
Al Arabiya
4 hours ago
- Al Arabiya
UK posts record drop in exports to US in April after tariffs
British exports of goods to the United States fell by a record £2 billion ($2.7 billion) in April following President Donald Trump's tariffs onslaught, the Office for National Statistics said Thursday. The data covers the period when a baseline 10-percent tariff was imposed on the UK and other countries by Trump at the start of April, along with sector-specific levies on cars, steel and aluminum. The UK and US have since struck a trade deal cutting tariffs on British cars and scrapping them on steel and aluminum, while Britain agrees to open its markets to US beef and other farm goods. Britain is still subject to the 10-percent tariff on most goods imported to the United States. The data shows the largest monthly fall in trade with the United States since records began in 1997. Decreases were seen 'across most types of goods, following the recent introduction of tariffs,' said ONS director of economic statistics Liz McKeown. Exports of machinery and transport equipment, including cars, took a notable hit in April, after four months of consecutive increases in the export of British goods to the US. Trade in goods between the UK and US remained balanced in 2024, according to ONS data. Britain imported £57.1 billion ($77 billion) worth of US goods last year and exported a total of £59.3 billion.
Asharq Al-Awsat
4 hours ago
- Asharq Al-Awsat
Study: European Game Generated 38 Bln Euros in 2023-24 Season
Europe's soccer market grew by 8% in terms of revenue in the 2023-24 season to 38 billion euros ($43.46 billion) with England's Premier League generating the most, Deloitte said in a study published on Wednesday. In its Annual Review of Football Finance, Deloitte said the top five leagues -- Premier League, Bundesliga, LaLiga, Serie A and Ligue 1 -- generated 20.4 billion euros in revenue, an increase of 4%. Premier League clubs had the highest revenue of Europe's top leagues at 6.3 billion pounds ($8.50 billion), Reuters reported. However, the traditional 'big six' clubs in England's top flight reported lower average revenue growth (3%) than other clubs that were in the Premier League in both the 2023-24 and 2022-23 seasons (11%). The study said the growth was largely driven by expansion of clubs' commercial offerings, which also led to the teams cumulatively generating more than two billion pounds in commercial revenue for the first time. "A focus on stadia development and diversification of commercial revenues led to growth across the European football market in the 2023-24 season," Tim Bridge, lead partner in Deloitte's Sports Business Group, said. "However, clubs and leagues cannot afford to take their eye off the ball as new challenges, including an evolving regulatory landscape and changing fan behaviors, arise. "The pressure is mounting for more clubs to drive additional revenue at the same time as managing rising costs. "More so than ever, leaders and owners must recognize the great responsibility they have of managing these businesses, capturing the historic essence of a football club while honoring its unrivalled role as a community asset for generations to come." Clubs in Europe's 'big five' leagues reported an aggregate operating profit (0.6 billion euros) for a second successive season, while the aggregate wages/revenue ratio fell from 66% to 64%. WSL REVENUE SOARS Clubs in England's Women's Super League (WSL) jointly generated revenue of 65 million pounds in the 2023-24 season, a 34% rise. Each WSL club had a double-digit increase in revenue, while all 12 clubs reported over one million pounds in revenue for the first time, with an average revenue of 5.4 million pounds. "Through developing more robust fan engagement strategies, strong commercial deals and securing central distributions, WSL clubs unlocked a new phase of growth," Deloitte Sports Business group's knowledge and insights lead Jennifer Haskel said. "Plus, as the reporting and attribution of commercial revenue remains inconsistent between clubs, we may be scratching the surface on the value now being generated by the women's game."
