Government to intervene in Telegraph sale

Culture secretary Lucy Frazer has confirmed the government will intervene in the planned takeover of The Telegraph by UAE-backed fund Redbird IMI. The Public Interest Intervention Notice (PIIN) airs concerns the deal “could affect the free expression of opinion and accurate presentation of news” and gives the competition regulator and Ofcom until 26 January to investigate. If Frazer decides at that point to block the deal, a suspended auction for the paper will be restarted. To note: the PIIN doesn’t prevent Redbird helping the Barclay family pay off its £1.2 billion debt, which will take the paper out of receivership. Rather, it’s the debt-for-equity swap that’s being investigated. The PIIN also doesn’t apply to The Spectator because its turnover is lower than £70 million. Robert Courts, one of 14 MPs who signed a letter highlighting security concerns about the deal, said: “An extra level of concern is added by the UAE’s ever-closer ties with China… It is right that the Prime Minister and Culture Secretary have agreed to scrutinise the bid.”