Latest news with #RedBirdIMI
Daily Mail
6 days ago
- Business
- Daily Mail
House of Lords block attempt to limit foreign investment in British newspapers
A bid to severely limit foreign state investment in UK newspapers was defeated by peers tonight. Paving the way for the takeover of The Daily Telegraph and Sunday Telegraph, the House of Lords blocked an attempt to prevent passive shareholdings being raised to 15 per cent. It is the latest turn in a tumultuous two-year takeover process for the 170-year-old business. It comes after the previous Conservative government put a 5 per cent limit in place amid fears the Telegraph could be bought by RedBird IMI, a firm majority-owned by the UAE, in a £500million deal. But following a consultation, Labour proposed a higher cap to enable newspapers to access crucial finance. Tory Baroness Stowell said the 15 per cent cap supports the 'much bigger principle of Press freedom' and told the Lords: 'While we all care about protecting a free Press, upholding that principle will serve little purpose if our news industry can't survive – and their economic conditions are worsening.' Liberal Democrat peer Lord Fox had tabled a rare 'fatal motion' to block the proposals, despite approval by the Commons. But it was defeated by 267 votes to 155. RedBird Capital, the US junior partner in RedBird IMI, agreed a deal in May to buy a majority stake in the newspaper for £500 million. Abu-Dhabi's IMI will look to buy a minority stake as part of the consortium.
Yahoo
10-07-2025
- Business
- Yahoo
All3Media owner RedBird IMI among suitors for Coulthard-owned TV firm
The owner of the television producer behind Squid Game: The Challenge and Call The Midwife is among the suitors circling Whisper Group, the firm founded by broadcaster Jake Humphrey and former racing driver David Coulthard. Sky News has learnt that RedBird IMI has tabled an offer for Whisper Group, which has been exploring a sale for several months. Sources said the auction process was at a critical stage with a buyer potentially being selected within days. Money latest: RedBird IMI, which had hoped to take full control of The Daily Telegraph before a change of media ownership law meant that its Abu Dhabi state involvement had to be curtailed, already owns All3Media, the TV production giant behind a string of hit shows. However, its interest in Whisper is said to have been expressed through RedBird IMI rather than being conducted using All3Media as the acquirer. RedBird is now in the advanced stages of taking control of the Telegraph newspaper titles, with IMI restricted to owning a maximum 15% stake. The identities of the other bidders for Whisper were unclear on Thursday evening. Whisper Group was established in 2010 and won a BAFTA for its coverage of the Women's Euros in 2022. It is working with advisers at KPMG on a deal. Whisper is already 30%-owned by Sony Pictures Television, which acquired the stake in 2020. Sony replaced Channel 4's Indie Growth Fund as an investor in the business. A majority of the shares in Whisper are owned by its founders and management team. The company is best-known for its sports productions, and is responsible for Channel 4's Formula One coverage as well as international cricket, boxing and the Paralympics. Whisper employs about 300 people, and has operations in London, Cardiff, Manchester and Riyadh. Its chief executive, Sunil Patel, co-founded the producer alongside Mr Coulthard and Mr Humphrey. It is said to be plotting further expansion in sport in the form of bigger events and rightsholders, as well as in events, where its clients include Red Bull. Whisper is also focused on growing its presence in the US, where it currently works with Tom Brady's Religion of Sport, and the Middle East, where it is partnered with Neom and Saudi Pro League teams. Outside of sports rights, it has produced documentaries about Ben Stokes, the England Test cricket captain, and Sven-Goran Ericsson, the late England football manager. It has also diversified into entertainment programming, producing the Wheel of Fortune gameshow hosted by Graham Norton. Its most recent accounts disclosed a £4.3m pre-tax profit for the year to March 31, 2024. Both RedBird IMI and Whisper declined to comment.
Sky News
10-07-2025
- Business
- Sky News
All3Media owner RedBird IMI among suitors for Coulthard-owned TV firm
The owner of the television producer behind Squid Game: The Challenge and Call The Midwife is among the suitors circling Whisper Group, the firm founded by broadcaster Jake Humphrey and former racing driver David Coulthard. Sky News has learnt that RedBird IMI has tabled an offer for Whisper Group, which has been exploring a sale for several months. Sources said the auction process was at a critical stage with a buyer potentially being selected within days. RedBird IMI, which had hoped to take full control of The Daily Telegraph before a change of media ownership law meant that its Abu Dhabi state involvement had to be curtailed, already owns All3Media, the TV production giant behind a string of hit shows. However, its interest in Whisper is said to have been expressed through RedBird IMI rather than being conducted using All3Media as the acquirer. RedBird is now in the advanced stages of taking control of the Telegraph newspaper titles, with IMI restricted to owning a maximum 15% stake. The identities of the other bidders for Whisper were unclear on Thursday evening. Whisper Group was established in 2010 and won a BAFTA for its coverage of the Women's Euros in 2022. It is working with advisers at KPMG on a deal. Whisper is already 30%-owned by Sony Pictures Television, which acquired the stake in 2020. Sony replaced Channel 4's Indie Growth Fund as an investor in the business. A majority of the shares in Whisper are owned by its founders and management team. The company is best-known for its sports productions, and is responsible for Channel 4's Formula One coverage as well as international cricket, boxing and the Paralympics. Whisper employs about 300 people, and has operations in London, Cardiff, Manchester and Riyadh. Its chief executive, Sunil Patel, co-founded the producer alongside Mr Coulthard and Mr Humphrey. It is said to be plotting further expansion in sport in the form of bigger events and rightsholders, as well as in events, where its clients include Red Bull. Whisper is also focused on growing its presence in the US, where it currently works with Tom Brady's Religion of Sport, and the Middle East, where it is partnered with Neom and Saudi Pro League teams. Outside of sports rights, it has produced documentaries about Ben Stokes, the England Test cricket captain, and Sven-Goran Ericsson, the late England football manager. It has also diversified into entertainment programming, producing the Wheel of Fortune gameshow hosted by Graham Norton. Its most recent accounts disclosed a £4.3m pre-tax profit for the year to March 31, 2024.
New Straits Times
03-07-2025
- Business
- New Straits Times
MPs back foreign investors owning minority stakes in UK newspapers
LONDON: Foreign investors have stepped closer to buying part of the British newspaper The Telegraph, as members of parliament (MPs) backed relaxed laws on foreign ownership of UK newspapers that will allow them to own up to 15 per cent. The Commons voted overwhelmingly in favour of a change to the law by Labour, which would allow foreign firms to buy minority stakes. It is the latest turn in a tumultuous two-year takeover process for the 170-year-old newspaper business. It comes after the previous Conservative government put a block in place amid fears the Telegraph could be bought by a majority-owned UAE company, RedBird IMI. The investment vehicle is a joint venture with US financiers. The regulation was approved by 338 votes to 79, majority 259. Labour was boosted in the voting lobbies by four far-right Reform UK MPs, including its leader Nigel Farage, and seven Independent MPs. Meanwhile, former Tory leader Iain Duncan Smith, a vocal critic of China, was among those to vote against it. The Liberal Democrats, who forced the vote over fears foreign ownership would compromise editorial independence, also opposed it. The result will give the green light to RedBird IMI, with the cap in place now being supported by MPs. RedBird Capital, the US junior partner in RedBird IMI, agreed a deal in May to buy a majority stake in the newspaper for £500 million (US$683 million). Abu Dhabi's IMI will look to buy a minority stake as part of the consortium. RedBird has investments in AC Milan, film production giant Skydance and Liverpool FC owner Fenway Sports Group. It is also understood that the Daily Mail and General Trust (DMGT), which owns the Daily Mail, Mail on Sunday, the i, and the Metro, is also looking to buy a stake. This is in addition to Len Blavatnik, who owns the Theatre Royal Haymarket in the West End, who is considering a minority stake, according to Sky News reports. The rules were introduced after RedBird IMI looked to buy the Telegraph Media Group (TMG) from the Barclay Brothers. Former Conservative culture secretary Lucy Frazer told a Society of Editors Conference in April 2024: "I had concerns about the potential impacts of this deal on free expression and accurate presentation of news, and that's why I issued a public interest intervention." Culture Minister Stephanie Peacock told MPs last month that appropriate safeguards had been introduced. She said: "The Government need to balance the importance of creating certainty and sustainability for our newspaper industry with the need to protect against the risk of foreign state influence by setting a clear threshold for exceptions within the regime at 15 per cent. We believe that we have done that effectively." Speaking after the vote, the Liberal Democrats' spokesman on media, Max Wilkinson, said: "Freedom of the press is a historic and inviolable cornerstone of our democracy. That the government is pushing to sell off stakes in our British papers to foreign governments is astonishing. "It's outrageous that Labour and the Conservative MPs failed to stand up, do their patriotic duty and block this legislation. The leader of the opposition sponsored the Bill that restricted foreign states owning British newspapers last year — yet even she failed to vote against the measure. "Liberal Democrats have already successfully forced the government to backtrack on their senseless plan to let multiple states club together to buy whatever-sized stake in a British outlet they fancied. Now my colleagues in the Lords and I will deliver a showdown to overturn this Bill entirely — rallying Conservative and crossbench peers to defeat the government on this misguided policy."
Leader Live
02-07-2025
- Business
- Leader Live
MPs back foreign investors owning minority stakes in UK newspapers
The Commons voted overwhelmingly in favour of a change to the law by Labour which would allow foreign firms to buy minority stakes. It is the latest turn in a tumultuous two-year takeover process for the 170-year-old newspaper business. It comes after the previous Conservative government put a block in place amid fears the Telegraph could be bought by a majority-owned UAE company, RedBird IMI. The investment vehicle is a joint venture with US financiers. The regulation was approved by 338 votes to 79, majority 259. Labour was boosted in the voting lobbies by four Reform UK MPs, including its leader Nigel Farage (Clacton), and seven Independent MPs. Meanwhile former Tory leader Sir Iain Duncan Smith, a vocal critic of China, was among those to vote against it. The Liberal Democrats, who forced the vote over fears foreign ownership would compromise editorial independence, also opposed it. The result will give the green light to RedBird IMI, with the cap in place now being supported by MPs. RedBird Capital, the US junior partner in RedBird IMI, agreed a deal in May to buy a majority stake in the newspaper for £500 million. Abu-Dhabi's IMI will look to buy a minority stake as part of the consortium. RedBird has investments in AC Milan, film production giant Skydance and Liverpool FC owner Fenway Sports Group. It is also understood that the Daily Mail and General Trust (DMGT) – which owns the Daily Mail, Mail on Sunday, the i, and the Metro – is also looking to buy a stake. This is in addition to Sir Len Blavatnik, who owns the Theatre Royal Haymarket in the West End, who is considering a minority stake, according to Sky News reports. The rules were introduced after RedBird IMI looked to buy the Telegraph Media Group (TMG) from the Barclay Brothers. Then-Conservative culture secretary Lucy Frazer told a Society of Editors Conference in April 2024: 'I had concerns about the potential impacts of this deal on free expression and accurate presentation of news and that's why I issued a public interest intervention.' Culture minister Stephanie Peacock told MPs last month that appropriate safeguards had been introduced. She said: 'Government need to balance the importance of creating certainty and sustainability for our newspaper industry with the need to protect against the risk of foreign state influence by setting a clear threshold for exceptions within the regime at 15%. We believe that we have done that effectively.' Speaking after the vote, the Liberal Democrats' spokesman on media Max Wilkinson said: 'Freedom of the press is an historic and inviolable cornerstone of our democracy. That the Government is pushing to sell off stakes in our British papers to foreign governments is astonishing. 'It's outrageous that Labour and the Conservative MPs failed to stand up, do their patriotic duty and block this legislation. The leader of the opposition sponsored the Bill that restricted foreign states owning British newspapers last year – yet even she failed to vote against the measure. 'Liberal Democrats have already successfully forced the Government to backtrack on their senseless plan to let multiple states club together to buy whatever sized stake in a British outlet they fancied. Now my colleagues in the Lords and I will deliver a showdown to overturn this Bill entirely – rallying Conservative and crossbench peers to defeat the Government on this misguided policy.' The Department for Culture, Media and Sport has been approached for comment.
