LONDON: The British government on Wednesday announced that it was seeking a ban on foreign governments from owning British newspapers.
Stephen Parkinson, a media minister, said the British government was committed to amending legislation to stop foreign state ownership of newspapers.
The development comes over the proposed takeover of the Daily Telegraph paper and Spectator magazine by the vice president and deputy prime minister of the United Arab Emirates, Sheikh Mansour bin Zayed Al Nahyan.
Meanwhile, RedBird IMI — a joint venture between US RedBird Capital and Abu Dhabi’s International Media Investments finalized a $1.5 billion deal with TMG’s owners, in November last year.
Under the agreement, the RedBird IMI pays off bank debts in exchange for control of the media group.
The announcement started an uproar in British media circles and the UK government launched an official investigation into the sale on public interests.
Some lawmakers in the ruling Conservative party, have expressed concerns over the plans. The deal also sparked tension among staff and freedom of press activists.
Sheikh Mansour, who is also the owner of Manchester City football club owns 75 percent share of Redbird IMI.
Redbird is being run by former CNN president Jeff Zucker, who has said that Mansour would be the passive investor in the deal which is American-led.
