The Culture Secretary yesterday said she is ‘minded’ to refer the UAE-backed bid for The Daily Telegraph for a lengthy investigation amid concerns about the deal.
Lucy Frazer said media regulator Ofcom fears the majority partner in the company trying to buy the newspaper ‘may have the incentive to influence Telegraph Media Group in a way that could potentially act against public interest’.
The prospective buyers have until next Monday to make representations before Ms Frazer decides if she’ll call a probe.
Ms Frazer said: ‘On the basis of the regulators’ assessments, I can confirm I am minded to refer this merger to a Phase 2 investigation on the grounds of the need for accurate presentation of news and free expression of opinion in newspapers.’
Lucy Frazer (pictured) said media regulator Ofcom fears the majority partner in the company trying to buy the newspaper ‘may have the incentive to influence Telegraph Media Group in a way that could potentially act against public interest’
The deal with RedBird IMI, which is majority owned by the vice president of UAE Sheikh Mansour bin Zayed Al Nahyan, has been met with huge opposition with the Government indicating it was working on new legislation barring the ownership of UK newspapers and magazines by foreign states.
She added the Competition and Markets Authority found the deal was not expected to cause a ‘substantial lessening of competition’.
