UAE given more time to offer concessions in Telegraph bid

The Abu Dhabi fund bidding for The Telegraph has been granted more time to make concessions to the Government amid concerns about the impact of the deal on press freedom. Culture Secretary Lucy Frazer last week said she was “minded to” refer the planned takeover of the Telegraph by RedBird IMI to an in-depth investigation by the Competition and Markets Authority. However, Ms Frazer agreed to extend the deadline after RedBird IMI said it needed more time to make representations and consider initial findings by the media regulator Ofcom. The competition review is only one obstacle facing RedBird IMI’s attempted takeover bid, which has been opposed by more than 100 MPs over fears it could impact press freedom in the UK. The new laws, outlined in an amendment to the Digital Markets Bill tabled by Lord Offord of Garvel, will block direct investment in newspapers of any size by a foreign power, effectively derailing RedBird IMI’s bid.