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Home / World News / Lucy Frazer may order a probe into planned takeover of Telegraph
Lucy Frazer may order a probe into planned takeover of Telegraph
25th November 2023

Culture Secretary Lucy Frazer looks poised to order a probe into the planned takeover of the Telegraph and Spectator by an Abu Dhabi-backed investment fund

  • Redbird IMI announced deal that would see it take control of the newspapers 

Culture Secretary Lucy Frazer looks set to intervene in the planned takeover of the Telegraph group by an Abu Dhabi-backed investment fund.

Redbird IMI announced earlier this week that it had struck a deal that would see it take control of the newspapers.

A number of Tory MPs have urged the Government to intervene, saying the arrangement ‘represents a potential threat to Press freedom in this country’.

And in a Telegraph column yesterday, the newspaper itself said the takeover by a fund ‘linked to a state not known for encouraging free expression’ would concern its readers.

RedBird IMI is partly funded by Sheikh Mansour bin Zayed Al Nahyan, the deputy prime minister of the UAE.

Culture Secretary Lucy Frazer (pictured) looks set to intervene in the planned takeover of the Telegraph group by an Abu Dhabi-backed investment fund

Redbird IMI announced earlier this week that it had struck a deal that would see it take control of the newspapers (file image)

RedBird IMI is partly funded by Sheikh Mansour bin Zayed Al Nahyan (pictured), the deputy prime minister of the UAE

In a written ministerial statement, Ms Frazer said she has written to the parties to the proposed deal to inform them she was ‘minded to’ intervene over concerns ‘that warrant further investigation’.

If Ms Frazer decides to do so, it will trigger probes by regulator Ofcom and the Competition and Markets Authority (CMA), which could result in a more detailed investigation.

The Telegraph, owned by the Barclay family, was put into receivership by Lloyds Banking Group earlier this year over debts of £1.1billion. The bank is now selling the group – which controls the Daily and Sunday Telegraph titles and The Spectator magazine.

READ MORE: Telegraph and Spectator to face control by group backed by Abu Dhabi

But the Barclay family has agreed a series of loans from Redbird IMI, allowing them to pay off the debts. The loan would be converted into equity, handing ownership of the newspapers to Redbird IMI .

The sales process involving other bidders, including DMGT media group, which owns the Daily Mail, has been paused as the Barclays look to tie up a deal ahead of a court hearing over the liquidation of their holding company.

Ms Frazer said grounds for her possible intervention include the need for ‘accurate presentation of news’, ‘free expression of opinion’ in newspapers and ‘plurality’ of views and ownership.

A spokesman for Redbird IMI said: ‘We welcome the opportunity to make further representations to the Government, restating that if we gain ownership of the Telegraph and Spectator we will be committed to maintaining the existing editorial team and believe editorial independence for the titles is essential to protecting their reputation and credibility.’

Reports last night suggested a senior Lloyds executive warned the Government that issuing a public interest notice could anger the bank’s shareholders.

The Telegraph said the comments by Andrew Walton, the bank’s chief corporate affairs officer, had been interpreted as a threat, but he said: ‘It was not a threat but it was a very clear warning.’

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