Liz Truss urges Government to protect Telegraph’s editorial independence
UAE CAN OWN UK FOOTBALL CLUB
BUT NOT UK PRESS
Tony Diver
Sat, 2 December 2023
Liz Truss has said it is vital that The Telegraph is able to publish freely - Dermot Tatlow for The Telegraph
Liz Truss has urged the Government to protect The Telegraph’s editorial independence amid growing concerns about a takeover of its titles by an Abu Dhabi-backed fund.
The former prime minister said it was vital that it was able to publish “freely” after ministers decided to launch a review of the deal amid fears of censorship and foreign interference.
In an interview with The Telegraph in Washington DC, Ms Truss also argued that the UK should work to prevent Gulf states becoming part of a growing global “axis of authoritarianism” led by Russia, China and Iran.
“I am a great supporter of the free press and I’ve always been a great supporter of the free press,” she said. “I want the Government to ensure that any ownership of the press enables them to freely publish according to what they believe to be the case.”
Ownership of The Telegraph is set to pass to RedBird IMI, an investment fund led by Jeff Zucker, the former CNN boss, and backed by Mansour bin Zayed Al Nahyan, a member of the UAE’s royal family.
The fund has issued a £600 million loan to the Barclay family, who have owned Telegraph Media Group since 2004, to repay a debt to Lloyds Banking Group. IMI, an Abu Dhabi vehicle, is lending them an additional £600m to repay other debts to the bank. Under the deal, the first loan will be converted into shares of The Telegraph and The Spectator magazine.
However, Lucy Frazer, the Culture Secretary, last week temporarily blocked the fund from taking control of The Telegraph while she carries out a review.
Her decision came after a dozen Conservative MPs, including Sir Iain Duncan Smith, the former Tory leader, and Alicia Kearns, the chairman of Parliament’s Foreign Affairs Committee, wrote to the Government requesting a review. They warned of a “very real potential national security threat” if the deal went ahead.
Tony Diver
Sat, 2 December 2023
Liz Truss has said it is vital that The Telegraph is able to publish freely - Dermot Tatlow for The Telegraph
Liz Truss has urged the Government to protect The Telegraph’s editorial independence amid growing concerns about a takeover of its titles by an Abu Dhabi-backed fund.
The former prime minister said it was vital that it was able to publish “freely” after ministers decided to launch a review of the deal amid fears of censorship and foreign interference.
In an interview with The Telegraph in Washington DC, Ms Truss also argued that the UK should work to prevent Gulf states becoming part of a growing global “axis of authoritarianism” led by Russia, China and Iran.
“I am a great supporter of the free press and I’ve always been a great supporter of the free press,” she said. “I want the Government to ensure that any ownership of the press enables them to freely publish according to what they believe to be the case.”
Ownership of The Telegraph is set to pass to RedBird IMI, an investment fund led by Jeff Zucker, the former CNN boss, and backed by Mansour bin Zayed Al Nahyan, a member of the UAE’s royal family.
The fund has issued a £600 million loan to the Barclay family, who have owned Telegraph Media Group since 2004, to repay a debt to Lloyds Banking Group. IMI, an Abu Dhabi vehicle, is lending them an additional £600m to repay other debts to the bank. Under the deal, the first loan will be converted into shares of The Telegraph and The Spectator magazine.
However, Lucy Frazer, the Culture Secretary, last week temporarily blocked the fund from taking control of The Telegraph while she carries out a review.
Her decision came after a dozen Conservative MPs, including Sir Iain Duncan Smith, the former Tory leader, and Alicia Kearns, the chairman of Parliament’s Foreign Affairs Committee, wrote to the Government requesting a review. They warned of a “very real potential national security threat” if the deal went ahead.
Liz Truss is in Washington DC to discuss foreign policy with wavering Republican congressmen who have threatened to end security assistance from the US to Ukraine - Dermot Tatlow for The Telegraph
In her interview with The Telegraph, Ms Truss said the UK must try and prevent the UAE from being drawn into an alliance with hostile foreign states, including Russia and China.
Citing the rise of the USSR during the Cold War, she said: “What worries me is that we have this axis of authoritarian regimes trying to build their influence around the world, and what we need to do is show strength. That is both economic strength, military strength and moral strength.
“We need to attract other countries who are not part of that axis to align with the West and to align with our values. No country is perfect. And if you only had allies that perfectly subscribe to every value that we hold dear in Britain, you wouldn’t have that many allies. So we need to reach out, in my view, to countries and persuade them.”
Ms Truss is visiting Washington DC to discuss foreign policy with wavering Republican congressmen, who have threatened to end security assistance from the US to Ukraine.
She said wars in Ukraine and Israel and concerns over Taiwan were part of the same conflict of democracies against “authoritarian dictators”.
“These are not multiple wars – this is the same war,” she added. “This is a war against freedom and democracy and our way of life. That’s what it is, and we should see it as such. If you look at Israel, or you look at Ukraine, or you look at Taiwan, these are free democracies that are neighbours to autocracies.
“We need to give our full support to the Israeli government. No ifs, no buts. I don’t want to see double standards applied, that Israel is held to different standards than other countries.
“They are a free democracy in a part of the world where free democracies are rare and the heinous crimes, the rape, the brutality, the kidnapping of children that has taken place is truly horrific.”
Ms Truss called on the US to do more to support Ukraine in the coming months as the country faces a winter air offensive from Russian forces, saying: “What I would like to see is more of the weapons that will help Ukraine actually win being provided. So the long-range weapons, for example, the mine-clearing equipment, for example.
“Planes, as well, would be extremely helpful to enable the Ukrainians to actually have the wherewithal to win the war, rather than just maintaining the status quo.”
Responding to the UK Supreme Court’s decision last month to declare the Government’s Rwanda migrant deportation policy unlawful, Ms Truss said Rishi Sunak should legislate to circumvent the European Court of Human Rights.
Asked whether she supported the Government’s plan to pass a law to allow the flights to go ahead, she replied: “I’ll wait to see the legislation.”
Culture Secretary blocks Abu Dhabi fund from seizing Telegraph during investigation
James Warrington
Fri, 1 December 2023
Lucy Frazer's most recent order blocks any changes being made to Telegraph management or the removal of key editorial staff - Yui Mok/PA Wire
The Culture Secretary has blocked an Abu Dhabi-backed fund from taking control of The Telegraph while she carries out a review of a proposed takeover deal.
Lucy Frazer today issued a “hold separate” order that prohibits ownership of the newspaper from being transferred to RedBird IMI.
The move, known formally as an interim enforcement order, also prevents the group from merging The Telegraph with any other entity and blocks any changes in management or the removal of key editorial staff.
The order is designed to prevent actions by the bidders that might impede the Government’s ability to review the transaction.
Under the terms of the proposed deal, RedBird IMI will provide a £1.2bn loan that allows the Barclay family to repay debts to Lloyds Banking Group, releasing The Telegraph and The Spectator magazine from receivership.
Roughly half this loan would then be converted into ownership of the two titles. However, the hold separate order ensures this second phase of the transaction cannot go ahead until the review is completed.
It comes after Ms Frazer yesterday intervened in the takeover amid concerns about censorship and foreign state ownership.
The Culture Secretary issued a Public Interest Intervention Notice (PIIN), triggering investigations by the Competition and Markets Authority (CMA) and media regulator Ofcom.
Manchester City owner and UAE vice-president Sheikh Mansour has provided three quarters of RedBird IMI’s funding - Martin Rickett
RedBird IMI is a joint venture between RedBird, a US private equity firm, and International Media Investments (IMI), an Abu Dhabi vehicle backed by the Manchester City owner Sheikh Mansour bin Zayed al-Nahyan.
IMI is providing 75pc of the £600m price for The Telegraph and The Spectator, while the bid is being fronted by former CNN chief Jeff Zucker.
The proposed deal has sparked concerns given the UAE’s authoritarian leadership and track record of press censorship.
Senior figures including Lord Hague have called for the deal to be blocked, while Tory MPs this week wrote to Deputy Prime Minister Oliver Dowden urging him to intervene on national security grounds.
RedBird IMI has said it is willing to make legally binding undertakings to ensure editorial independence, with the UAE remaining a fully passive investor.
But in a letter to the group yesterday, officials said Ms Frazer felt further investigation was needed “given the limited information she has seen and the lack of detail about the proposals”.
Ofcom will examine the impact of the deal on the need for accurate presentation of news and free expression of opinion in newspapers, while the CMA will look at potential competition issues.
Both watchdogs have opened a call for evidence allowing interested parties to comment over the coming fortnight. They must report back to the Culture Secretary by Jan 26.
Rival suitors, whose bids were derailed by the complex loan-funded deal, are expected to lobby against the UAE-backed takeover in their responses.
They include a consortium led by the hedge fund founder Sir Paul Marshall and DMGT, the publisher of The Daily Mail.
In a statement on Thursday, a spokesman for RedBird IMI said: “We welcome the opportunity to provide the Government with the information needed to scrutinise our deal, and we will continue to cooperate fully with the Government and regulator throughout this process.
“RedBird IMI remains entirely committed to maintaining the existing editorial team of The Telegraph and Spectator publications and believes that editorial independence for these titles is essential to protecting their reputation and credibility.”
James Warrington
Fri, 1 December 2023
Lucy Frazer's most recent order blocks any changes being made to Telegraph management or the removal of key editorial staff - Yui Mok/PA Wire
The Culture Secretary has blocked an Abu Dhabi-backed fund from taking control of The Telegraph while she carries out a review of a proposed takeover deal.
Lucy Frazer today issued a “hold separate” order that prohibits ownership of the newspaper from being transferred to RedBird IMI.
The move, known formally as an interim enforcement order, also prevents the group from merging The Telegraph with any other entity and blocks any changes in management or the removal of key editorial staff.
The order is designed to prevent actions by the bidders that might impede the Government’s ability to review the transaction.
Under the terms of the proposed deal, RedBird IMI will provide a £1.2bn loan that allows the Barclay family to repay debts to Lloyds Banking Group, releasing The Telegraph and The Spectator magazine from receivership.
Roughly half this loan would then be converted into ownership of the two titles. However, the hold separate order ensures this second phase of the transaction cannot go ahead until the review is completed.
It comes after Ms Frazer yesterday intervened in the takeover amid concerns about censorship and foreign state ownership.
The Culture Secretary issued a Public Interest Intervention Notice (PIIN), triggering investigations by the Competition and Markets Authority (CMA) and media regulator Ofcom.
Manchester City owner and UAE vice-president Sheikh Mansour has provided three quarters of RedBird IMI’s funding - Martin Rickett
RedBird IMI is a joint venture between RedBird, a US private equity firm, and International Media Investments (IMI), an Abu Dhabi vehicle backed by the Manchester City owner Sheikh Mansour bin Zayed al-Nahyan.
IMI is providing 75pc of the £600m price for The Telegraph and The Spectator, while the bid is being fronted by former CNN chief Jeff Zucker.
The proposed deal has sparked concerns given the UAE’s authoritarian leadership and track record of press censorship.
Senior figures including Lord Hague have called for the deal to be blocked, while Tory MPs this week wrote to Deputy Prime Minister Oliver Dowden urging him to intervene on national security grounds.
RedBird IMI has said it is willing to make legally binding undertakings to ensure editorial independence, with the UAE remaining a fully passive investor.
But in a letter to the group yesterday, officials said Ms Frazer felt further investigation was needed “given the limited information she has seen and the lack of detail about the proposals”.
Ofcom will examine the impact of the deal on the need for accurate presentation of news and free expression of opinion in newspapers, while the CMA will look at potential competition issues.
Both watchdogs have opened a call for evidence allowing interested parties to comment over the coming fortnight. They must report back to the Culture Secretary by Jan 26.
Rival suitors, whose bids were derailed by the complex loan-funded deal, are expected to lobby against the UAE-backed takeover in their responses.
They include a consortium led by the hedge fund founder Sir Paul Marshall and DMGT, the publisher of The Daily Mail.
In a statement on Thursday, a spokesman for RedBird IMI said: “We welcome the opportunity to provide the Government with the information needed to scrutinise our deal, and we will continue to cooperate fully with the Government and regulator throughout this process.
“RedBird IMI remains entirely committed to maintaining the existing editorial team of The Telegraph and Spectator publications and believes that editorial independence for these titles is essential to protecting their reputation and credibility.”
No comments:
Post a Comment