Foreign governments will be banned from owning UK newspapers and news magazines, the government has said.
The move follows concern about the potential takeover of the Daily Telegraph and Spectator by a group fundedby the United Arab Emirates.
Labour has indicated it will back the change, which will be in an amendment to a new law being debated next week.
Labour has indicated it will back the change, which will be in an amendment to a new law being debated next week.
There had been growing cross-party pressure on the government to act and it was facing a possible defeat in the House of Lords on Wednesday from peers who wanted to see urgent action.
Announcing the ban, Lord Parkinson of Whitley Bay said the new law would “rule out newspaper and periodical news magazine mergers involving ownership, influence or control by foreign states”.
The government will bring forward an amendment to the Digital Markets, Competition and Consumers Bill – which has its third reading next week – to block such deals, he added.
Lord Parkinson also confirmed the buyout ban would not apply to broadcasters.
It comes as the investment fund RedBird IMI continues its push to take control of the Daily and Sunday Telegraph newspaper titles and Spectator current affairs magazine, after paying off the debts of its previous owner.
Foreign governments will be banned from owning UK newspapers and news magazines, the government has said.
Labour has indicated it will back the change, which will be in an amendment to a new law being debated next week.
The move follows concern about the potential takeover of the Daily Telegraph and Spectator by a group fundedby the United Arab Emirates.
There had been growing cross-party pressure on the government to act and it was facing a possible defeat in the House of Lords on Wednesday from peers who wanted to see urgent action.
Labour has indicated it will back the change, which will be in an amendment to a new law being debated next week.
Labour has indicated it will back the change, which will be in an amendment to a new law being debated next week.
There had been growing cross-party pressure on the government to act and it was facing a possible defeat in the House of Lords on Wednesday from peers who wanted to see urgent action.
Announcing the ban, Lord Parkinson of Whitley Bay said the new law would “rule out newspaper and periodical news magazine mergers involving ownership, influence or control by foreign states”.
The government will bring forward an amendment to the Digital Markets, Competition and Consumers Bill – which has its third reading next week – to block such deals, he added.
Lord Parkinson also confirmed the buyout ban would not apply to broadcasters.
It comes as the investment fund RedBird IMI continues its push to take control of the Daily and Sunday Telegraph newspaper titles and Spectator current affairs magazine, after paying off the debts of its previous owner.
#ban #foreign #state #ownership #newspapers
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