Apr 30, 2024 05:03 PM
(This post was last modified: Apr 30, 2024 05:06 PM by C C.)
https://www.belfasttelegraph.co.uk/enter...40652.html
EXCERPTS: The proposed takeover of the Telegraph newspaper group by an Abu Dhabi-backed fund has collapsed after the Government intervened in the deal. RedBird IMI was due to buy The Telegraph and sister publication The Spectator but said on Tuesday the deal was “no longer feasible”.
The publications will now go up for sale for a second time to find new owners. Here the PA news agency looks at why the takeover deal came under fire and what will happen next.
[...] Last year, previous Telegraph owners the Barclay family were forced to put the media group up for sale in order to repay debts to lenders at Lloyds Bank.
After a lengthy process, receivers for Telegraph Media Group agreed to sell it to investment fund RedBird IMI. [...] The fund, which was founded in 2022, is majority owned by International Media Investments – a firm run by Sheikh Mansour bin Zayed Al Nahyan, vice president of the United Arab Emirates (UAE) and owner of Manchester City Football Club.
It is led by former CNN boss Jeff Zucker and also part-owned by US investment firm RedBird Capital.
[...] The takeover has faced criticism due to the involvement of the UAE in the fund. ... Early on in the process, a number of politicians including former foreign secretary Lord Hague said the move “should be prevented” to avoid the publications’ editorial independence being impacted.
[...] the Government brought forward legislation to ban foreign powers from owning UK newspapers and magazines in the face of cross-party pressure.
[...] The fund has confirmed that the legislation means there is no way it can proceed with its proposed takeover. As a result, it will put the Telegraph Media Group back on the market for a sale in order to secure as much money back as possible.
[...] It is understood that a raft of parties have already informally registered their interest in buying the publications. But currently there are no preferred suitors to snap them up.
[...] Rupert Murdoch’s News UK is also reportedly interested in purchasing The Spectator, but it is unlikely to be in the frame to buy The Telegraph titles due to competition concerns through his ownership of The Times.... (MORE - missing details)
EXCERPTS: The proposed takeover of the Telegraph newspaper group by an Abu Dhabi-backed fund has collapsed after the Government intervened in the deal. RedBird IMI was due to buy The Telegraph and sister publication The Spectator but said on Tuesday the deal was “no longer feasible”.
The publications will now go up for sale for a second time to find new owners. Here the PA news agency looks at why the takeover deal came under fire and what will happen next.
[...] Last year, previous Telegraph owners the Barclay family were forced to put the media group up for sale in order to repay debts to lenders at Lloyds Bank.
After a lengthy process, receivers for Telegraph Media Group agreed to sell it to investment fund RedBird IMI. [...] The fund, which was founded in 2022, is majority owned by International Media Investments – a firm run by Sheikh Mansour bin Zayed Al Nahyan, vice president of the United Arab Emirates (UAE) and owner of Manchester City Football Club.
It is led by former CNN boss Jeff Zucker and also part-owned by US investment firm RedBird Capital.
[...] The takeover has faced criticism due to the involvement of the UAE in the fund. ... Early on in the process, a number of politicians including former foreign secretary Lord Hague said the move “should be prevented” to avoid the publications’ editorial independence being impacted.
[...] the Government brought forward legislation to ban foreign powers from owning UK newspapers and magazines in the face of cross-party pressure.
[...] The fund has confirmed that the legislation means there is no way it can proceed with its proposed takeover. As a result, it will put the Telegraph Media Group back on the market for a sale in order to secure as much money back as possible.
[...] It is understood that a raft of parties have already informally registered their interest in buying the publications. But currently there are no preferred suitors to snap them up.
[...] Rupert Murdoch’s News UK is also reportedly interested in purchasing The Spectator, but it is unlikely to be in the frame to buy The Telegraph titles due to competition concerns through his ownership of The Times.... (MORE - missing details)