LONDON: The UK government said Wednesday it was “minded” to review the proposed sale of the Telegraph Media Group to an Abu Dhabi-backed investment fund on public interest grounds.
The fund, RedBird IMI, announced Monday that it was set to take control of The Daily and Sunday Telegraph sister newspapers and The Spectator magazine.
The joint venture between US firm RedBird Capital and Abu Dhabi’s International Media Investments said it has agreed loans of around £1.2 billion ($1.5 billion) to take control of the parent company of the right-leaning titles.
However, Culture Secretary Lucy Frazer indicated her ministry wrote Wednesday to various parties involved in the proposed deal “to inform them that I am ‘minded to’ issue a public interest intervention notice”.
This was motivated by “concerns I have that there may be public interest considerations... (that) warrant further investigation,” she said in a written statement to lawmakers.
The Telegraph group has been controlled by twin brothers Frederick and David Barclay for nearly two decades but has been put up for sale over unpaid debts.
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