- A choice on the proposed takeover will probably be delayed till at the very least March 11
The Culture Secretary final evening ordered a second probe into the proposed takeover of the Daily Telegraph by a UAE-backed fund.
Lucy Frazer issued a brand new Public Interest Intervention Notice, saying it was obligatory due to issues over ‘correct presentation of reports and free expression of opinion in newspapers’.
It means a call on the proposed takeover will probably be delayed till at the very least March 11.
It got here after potential purchaser RedBird IMI tried to reply to criticisms {that a} international authorities would in the end personal the newspaper, risking freedom of speech, by organising a UK-based holding firm on the final minute.
Despite the restructuring, the last word shareholders would stay unchanged, with IMI owned by UAE vice-president Sheikh Mansour.
Culture Secretary, Lucy Frazer final evening ordered a second probe into the proposed takeover of the Daily Telegraph by a UAE-backed fund
Despite the restructuring, the last word shareholders would stay unchanged, with IMI owned by UAE vice-president Sheikh Mansour
A RedBird IMI spokesman mentioned the fund would preserve the editorial independence of the group to ‘defend its status, credibility and worth’
Ms Frazer issued an preliminary discover in November, triggering an investigation by watchdogs Ofcom and the Competition and Markets Authority.
But final evening she mentioned the last-minute nature of the proposed adjustments, unveiled this week, required a contemporary discover.
The deadline for the unique one was prolonged from yesterday till the spring, when the CMA and Ofcom should additionally report again for the contemporary probe. Ms Frazer will then determine whether or not to approve the proposed takeover or order a deeper ‘section two’ investigation.
Telegraph Media Group and dad or mum firm Press Acquisitions Limited mentioned yesterday that chief govt Nick Hugh had left the function instantly, to get replaced by Anna Jones.
She mentioned: ‘TMG is a worthwhile and profitable enterprise with world class journalism at its coronary heart and persevering with to ship on that is what is going to guarantee our firm continues to thrive.’
A RedBird IMI spokesman mentioned the fund would preserve the editorial independence of the group to ‘defend its status, credibility and worth.’