Jeff Zucker’s Acquisition of U.K. Newspaper Daily Telegraph Likely to Be Blocked by New Legislation
variety.comJeff Zucker‘s Abu Dhabi-controlled investment group RedBird IMI is likely to be blocked by new legislation that bans the ownership of U.K.
newspapers and news magazines by foreign governments. The change will be in an amendment to the Digital Markets, Competition and Consumers Bill, which is being debated next week.
Speaking for the government, culture minister Lord Parkinson said the new law would “rule out newspaper and periodical news magazine mergers involving ownership, influence or control by foreign states.” He added that the ban would not apply to broadcasters.
Under the new law, the government would refer proposed media mergers to the Competition and Markets Authority if there were grounds to believe a deal “would give a foreign state or body connected to a foreign state, ownership, influence or control,” Lord Parkinson said.
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