Latest news with #JohnThornton
HKFP
5 days ago
- Business
- HKFP
NGOs urge UK to probe Telegraph newspaper sale over ‘China' ties
The UK government must investigate The Telegraph newspaper's sale to US investment group RedBird Capital and the risks of China's influence, human rights and freedom of expression groups demanded Wednesday. An open letter addressed to UK media minister Lisa Nandy, signed by nine organisations including Human Rights in China and Hong Kong Watch, alleged 'RedBird Capital's ties to China … threaten media pluralism, transparency, and information integrity in the UK'. RedBird Capital chair John Thornton sits on the advisory council of the China Investment Corporation, the country's largest sovereign wealth fund, the letter noted. In May RedBird agreed to buy the Telegraph Media Group (TMG), comprising the 170-year-old paper's print and online operations, for £500 million (US$678 million). Wednesday's letter provides a new twist to The Telegraph takeover saga, already marked by UK government intervention over foreign press influence. US-Emirati consortium RedBird IMI, comprising Redbird Capital, struck a deal for TMG in late 2023. However, the previous UK government triggered a swift resale amid concern over the potential impact on freedom of speech given Abu Dhabi's press censorship record. 'Pending robust investigations, the (new) planned merger should be placed on hold,' NGOs, including also Article 19 and Free Tibet, stated in Wednesday's letter. 'We believe that there is reasonable ground to suspect the Telegraph acquisition by RedBird Capital raises both public interest and potential foreign media influence concerns,' it added. RedBird Capital Partners rejected accusations of China's influence. 'There is no Chinese involvement or influence in RedBird Capital's proposed acquisition of the Telegraph,' a spokesperson said in a statement emailed to AFP. 'After two years of regulatory limbo, it is now time to close this acquisition and finally position The Telegraph for growth.' The UK government had yet to respond.
The Guardian
6 days ago
- Business
- The Guardian
NGOs urge Nandy to halt sale of Telegraph over China links
A group of nine human rights and freedom of expression organisations have called on the culture secretary to halt RedBird Capital's proposed £500m takeover of the Telegraph and investigate the US private equity company's ties to China. The international non-governmental organisations, which include Index on Censorship, Reporters Without Borders and Article 19, have written to Lisa Nandy arguing that RedBird Capital's links with China 'threaten media pluralism, transparency and information integrity in the UK'. A consortium led by RedBird Capital agreed a deal in May to buy the Daily Telegraph and Sunday Telegraph, ending two years of uncertainty over the future of the titles. The organisations said that RedBird Capital's chair, John Thornton, sits on the advisory council of the China Investment Corporation, the country's largest sovereign wealth fund. Thornton, a former chair of Goldman Sachs Asia, has also previously chaired the Silk Road Finance Corporation. 'Both [are] vehicles through which China has pursued financial influence,' the letter said. The signatories, who also include Hong Kong Watch, Human Rights in China and the Hong Kong Democracy Council, said Nandy should follow her predecessor, Lucy Frazer, who issued a public interest intervention notice (PIIN) in January last year. RedBird Capital, which contributed 25% of the funding to the RedBird IMI joint venture that controls the Telegraph, is in the process of buying out its partner, IMI. IMI, which may retain a stake of up to 15% in the Telegraph under RedBird Capital's plan, is controlled by Sheikh Mansour bin Zayed Al Nahyan, vice-president of the United Arab Emirates. The letter to Nandy states: 'We believe that there is reasonable grounds to suspect the Telegraph acquisition by RedBird Capital raises both public interest and potential foreign media influence concerns. We call on you to issue relevant notices to the Competition and Markets Authority (CMA) and Ofcom.' The signatories also said the culture department should ensure that the investigations carried out by the CMA and Ofcom, the communications regulator, involve independent consultation with 'experts in Chinese foreign information manipulation and influence operations, as well as experts in media pluralism, transparency, and freedom of expression'. Separately, the former Conservative leader Iain Duncan Smith and the independent peer David Alton have written to Nandy asking her to investigate reports of a £5.3m editorial budget cut. The politicians claim that the cuts, revealed by the former Telegraph journalist Fraser Nelson, represent a change to the paper's structure that is not allowed during a takeover process. They argued that the government's 2024 public interest merger reference pending approval of a takeover prohibits changes to the editorial structure and staff of the Telegraph. A spokesperson for the newspaper group, said: 'Ongoing management and oversight of Telegraph Media Group and its operations require the board and chief executive to liaise with all relevant stakeholders, including RedBird Capital, in line with agreed governance protocols. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion 'The board and chief executive will continue to fulfil their fiduciary duties and facilitate an anticipated transaction, consistent with the requirements of relevant government legislation.' In June, a cross-party group of MPs and peers, including Duncan Smith and Lord Alton, called on ministers to investigate how RedBird Capital is funding its £500m takeover. A spokesperson for RedBird said: 'There is no Chinese involvement or influence in RedBird Capital's proposed acquisition of the Telegraph.' They added that the company had 'been clear on its position regarding press independence, which is a fundamental tenet of its investment thesis in owning and growing news businesses – whether it's CBS News in the US or the Telegraph in the UK'. The spokesperson said that, after more than two years in 'regulatory limbo', it was now time for the takeover to be completed and to 'finally position the Telegraph for growth'. 'The partnership with RedBird will enable the Telegraph's world-class group of editors and reporters to thrive in this transformative moment for news organisations globally.' Last month, the sale of the Telegraph came a step closer after government legislation to allow foreign states to own up to 15% in British newspapers survived a potentially fatal vote in the House of Lords. RedBird Capital – which is also potentially aiming to bring in investors including the parent company of the Daily Mail and Len Blavatnik, the owner of Warner Music – has also said it can fully fund a deal in its own right. The government declined to comment.
Yahoo
15-07-2025
- Business
- Yahoo
Free electrical and plumbing sessions for young people announced
A Pudsey-based vocational training provider is offering free hands-on electrical and plumbing sessions to young people. Building Futures Together (BFT) is running the programme this summer for 14 to 19-year-olds, with the aim of boosting the youngsters' employability and providing insight into a career in construction. John Thornton, managing director and co-founder at BFT, said: "Almost a million young people aged under 25 are categorised as NEETs, not in education, employment, or training, so it is more important than ever that we create pathways and provide opportunities to boost their employability. "The aim of our summer programme is to give students insight into a career in construction, unlock their potential through hands-on learning, and provide a productive way to spend their time during the holidays." Funded by Leeds City Council, the sessions will take place at BFT's training centre throughout July and August. Sessions will run on July 23, 25, 30, and 31, and August 6, 7, 13, 14, 20, 21, 27, and 28, from 10am to 2.30pm. Attendees can take part in one, two, or all 12 sessions. Each day is limited to 15 places. To register interest, contact John Thornton at More information about BFT is available at
Telegraph
12-06-2025
- Business
- Telegraph
MPs demand inquiry into ‘Chinese links' to Telegraph takeover
They were joined by Tory MPs Bob Blackman, Sir Desmond Swayne and Neil Shastri-Hurst, the SNP's Chris Law and Labour's Maria Rimmer. The four peers who signed the letter were Baroness D'Souza, Lord Shinkwin, Baroness Meyer and Lord Alton of Liverpool. The letter went on to call for a 'full and transparent investigation into the acquisition'. It concluded: 'The last attempt at a sale of the Telegraph was finally blocked by the UK government on the grounds of undue influence of foreign powers on an important UK news publication. 'To allow the sale to go through at this point when so much of the financing of the RedBird bid remains shrouded in mystery would make a mockery of the existing legislation. 'Those who have invested in RedBird should surely be known before any sale approval can be allowed.' The group said that John Thornton, the chairman of RedBird Capital, is a member of the China Investment Corporation (CIC), a sovereign wealth fund that manages part of Beijing's foreign exchange reserves. They claimed Mr Thornton also took part in meetings with senior figures from the Chinese Communist Party (CCP) last year and earlier this year. British-backed rival attempting to disrupt sale The 71-year-old retired as president of Goldman Sachs in 2003 to become a professor at Tsinghua University, one of China's leading universities. Goldman Sachs said at the time that Mr Thornton would stay on as a senior adviser to the bank, with a particular focus on Chinese clients and strategy. Sources close to RedBird told The Guardian that no Chinese state funds were involved in the deal. A press release issued by the Chinese government in April said He Lifeng, a senior Chinese official, had met with Mr Thornton to 'exchange views on China-US economic and trade relations and [the] macroeconomic situation'. The release said Mr Thornton had '[noted] that US-China relations are very important', and that he would 'continue to play a role in […] promoting the stability of the relations between the two countries'. It was announced on May 23 that Gerry Cardinale, the founder of RedBird Capital, had signed an agreement in principle to acquire control of The Telegraph. However, no final agreements are in place, and a British-backed rival is attempting to disrupt the sale. A number of regulatory hurdles also await. 'New era for The Telegraph' Mr Cardinale said last month: 'This transaction marks the start of a new era for The Telegraph as we look to grow the brand in the UK and internationally, invest in its technology and expand its subscriber base. 'We believe the UK is a great place to invest, and this acquisition is an important part of RedBird's growing portfolio of media and entertainment companies in the UK.' RedBird has said it hopes that The Telegraph will be able to reinvest more of its profits and become a force in US and global journalism. Mr Cardinale is also understood to be in detailed talks with Lord Rothermere, the owner of the Daily Mail, as he seeks to complete the consortium. Foreign state ownership of newspapers was banned outright in 2024 following a cross-party outcry. While RedBird IMI does not currently control The Telegraph, it is the owner of debt secured against it.
The Guardian
12-06-2025
- Business
- The Guardian
MPs call for inquiry into how RedBird Capital is funding £500m Telegraph deal
A cross-party group of MPs and peers has called on ministers to investigate how a US private equity company is funding its £500m takeover of the Telegraph. In a letter sent to the culture secretary, Lisa Nandy, last week, the MPs said there was a risk of 'potential Chinese state influence' in RedBird Capital. They said the firm's chair, John Thornton, sat on the advisory council of China's sovereign wealth fund and had high-level meetings with Chinese Communist party figures in 2024 and this year. RedBird Capital announced last month it had agreed a deal to buy the Daily and Sunday Telegraph, ending two years of uncertainty over the future of the titles. The MPs' letter said there was 'a lack of transparency regarding the source of the funds behind this acquisition' and that it was 'conceivable, and increasingly likely, that funds could be sourced directly or indirectly from foreign state actors' including China. A source close to RedBird said there were no Chinese state funds involved in the deal. The letter to Nandy was signed by six Conservative MPs including Iain Duncan Smith and Tom Tugendhat, the Labour MPs Alex Sobel and Marie Rimmer, the Liberal Democrats' Christine Jardine and the Scottish National party's Chris Law. The Tory peers Kevin Shinkwin and Catherine Meyer and the crossbenchers Frances D'Souza and David Alton were also among the signatories. They called on Nandy to 'initiate a full and transparent investigation into the acquisition', consider its national security implications and review Thornton's 'suitability in owning and controlling a UK media outlet'. It is understood that although the proposed deal will eventually need regulatory approval, no proposal has been submitted to the Department for Culture, Media and Sport (DCMS) for review yet. Only a commercial agreement in principle has been reached. While RedBird Capital has been in talks with additional investors in the US and UK, the deal is fully funded and not contingent on them coming onboard. RedBird Capital will become the sole controlling owner. The US private equity group is buying the Telegraph titles from RedBird IMI, which took control of the newspapers in November 2023 after agreeing to pay debts owed by the previous owners the Barclay family. RedBird Capital contributed a quarter of the funding to RedBird IMI, with the other three-quarters funded by International Media Investments (IMI), a company owned by Sheikh Mansour bin Zayed Al Nahyan, the owner of Manchester City. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion Sheikh Mansour is vice-president of the United Arab Emirates, and concerns over the consortium's links to Abu Dhabi prompted a campaign against the takeover that culminated in the UK government introducing a law in March last year blocking foreign states or associated individuals from owning British newspaper assets. This forced RedBird IMI to put the titles back up for sale. Under the legislation, which is still going through parliament, ministers said they would allow foreign states to own stakes of up to 15% in British newspapers. Subject to the legislation, under RedBird Capital's acquisition IMI would be reduced to a minority stake in line with the new cap. The MPs and peers' letter said allowing the sale to go through would make a mockery of the legislation, adding: 'Those who have invested in RedBird should surely be known before any final sale approval can be allowed.' The DCMS was contacted for comment.
