Ministers set to BLOCK foreign government ownership of papers amid Telegraph storm
Telegraph Newspapers is currently up for sale
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The Government is set to block foreign governments from owning British newspapers, magazines and periodicals, in a move that would prevent the Abu Dhabi bid for the Telegraph.
Culture Minister Lord Parkinson is expected to announce an amendment to the Enterprise Act which would prevent foreign ownership of papers in Britain.
The move would effectively kill the RedBird-IMI takeover of the Daily and Sunday Telegraph newspapers.
A No10 source told GB News that "ministers will wet out our approach later".
The anticipated amendment comes after 100 MPs publicly backed calls for Parliament to block the Emirati bid for the Telegraph, writing in a letter that it would be a “dangerous Rubicon” that could not be crossed.
They demanded a veto that would allow Westminster to block any foreign ownership of major titles.
The RedBird-IMI bid is also attempting a takeover of the Spectator magazine.
The bid is 75 per cent owned by the Vice President of the UAE Sheikh Mansour. The US-Abu Dhabi team is headed by former senior CNN executive Jeff Zucker.
Chairman Andrew Neil announced today that he would leave his role at the Spectator, even if the UAE takeover fails.
Last week, Mr Zucker claimed on a podcast that Mr Neil had only started to oppose the proposed takeover after being refused a job.
Zucker went on to say that the senior journalist attempted to install himself in a leading role.
The main rival bid for the Telegraph titles is reportedly led by businessmen Sir Paul Marshall, a major shareholder in this broadcaster.