In an era of information wars, a ban on foreign powers owning news providers is an act of common sense

When the Emirati government moved to bid for the Daily Telegraph and The Spectator, via an investment vehicle called Redbird IMI, ministers were blindsided. Since the 2008 crash, autocracies have been testing how much infrastructure they are allowed to buy in newly debt-addled democracies (as this OECD report details) but Britain had not really joined other countries in setting limits. The idea of a national newspaper (and magazine) being controlled by any government, let alone an autocratic foreign government allied to Putin, is plainly absurd. But no laws exist to ban it, because no one thought a foreign government would ever attempt it.

The House of Lords could be about to change that. An amendment has been tabled to the Digital Markets, Competition and Consumers Bill stating that ‘A foreign power (as defined in Section 32 of the National Security Act 2023) may not acquire a news media organisation or publisher of news in any form (“a publisher”) where the publisher’s primary place of business is in the United Kingdom’ without parliamentary approval. It is moved by Tina Stowell, a former cabinet member and backed by George Robertson, a former Labour cabinet member and Nato chief (underlining that this is about national security).

The phrase ‘foreign power’ is defined by the National Security Act to include the proxies and investment vehicles deployed by autocratic governments. George Osborne, who is currently acting for the Emiratis with this proposed deal, argues that Redbird IMI can be made independent of the Emirati government by the creation of a supervisory board guaranteeing editorial independence. The notion is not taken seriously within publishing, where such boards have always been proven to be a joke.

So what will happen now? This is a big test.

QOSHE - Lords amendment could thwart Emirati bid for Telegraph and Spectator  - Fraser Nelson
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Lords amendment could thwart Emirati bid for Telegraph and Spectator 

6 8
27.02.2024

In an era of information wars, a ban on foreign powers owning news providers is an act of common sense

When the Emirati government moved to bid for the Daily Telegraph and The Spectator, via an investment vehicle called Redbird IMI, ministers were blindsided. Since the 2008 crash, autocracies have been testing how much infrastructure they are allowed to buy in newly debt-addled democracies (as this OECD report details) but Britain had not really........

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