Telegraph takeover by UAE-backed group would have risked press freedom – Ofcom
Ofcom and the CMA have published reports over the attempted RedBird IMI takeover of the newspaper group, which collapsed in 2024.
The findings of reports by media regulator Ofcom and competition watchdog, the Competition and Markets Authority (CMA), were published on Friday following a two-and-a-half year wait for their release.
Redbird IMI is majority-owned by Abu Dhabi’s International Media Investments (IMI), an investment fund owned by Sheikh Mansour bin Zayed Al Nahyan, vice president of the UAE and owner of Manchester City Football Club.
The publication of the report comes amid a tense diplomatic backdrop between the UK and UAE, after the Manchester City owners were found guilty of breaking Premier League spending rules.
Prime Minister Andy Burnham has since faced scrutiny for his ties to the football club’s owners during his role as the mayor of Greater Manchester, with Abu Dhabi funds helping to back regeneration projects in the city.
The changes to media ownership rules came after Ofcom and the CMA had written reports to then Culture Secretary Lucy Frazer.
In the now published reports, Ofcom concluded that the takeover deal may “operate against the public interest” in relation to “free expression of opinion in newspapers”.
The report, which has a number of redactions, also raised concerns over how the deal could may not sufficiently meet the “need for accurate presentation of news in newspapers”.
