Frazer pledge amid review of Telegraph bid

THE Culture Secretary has vowed to do “everything possible” to protect press freedom amid a review into a planned Uae-backed takeover of The Telegraph.

Lucy Frazer, who has intervened in the planned swoop by Redbird IMI, described the UK press as “outstanding” and said she would do “everything possible to protect its freedom”. Speaking at an event in Parliament last night, she said: “With geopolitical instability across the world and the rise of disinformation, journalism that people can trust really matters. Journalism that is free and without favour really matters.”

The comments come amid growing concerns about the prospect of a UAE takeover of The Telegraph and its impact on press freedom.

Redbird IMI is a joint venture between Redbird, a US private equity firm, and International Media Investments (IMI), an Abu Dhabi vehicle backed by the Manchester City owner Sheikh Mansour bin Zayed al-nahyan.

IMI is providing 75pc of the £600m price for The Telegraph and The Spectator, while the bid is being fronted by Jeff Zucker, the former CNN chief executive.

Ms Frazer launched a public interest intervention notice (Piin) in November, halting the deal while Ofcom carried out a review. The regulator was originally due to report back its findings last month, but the process has been delayed by six weeks after the UAE fund restructured its bid at the eleventh hour, prompting the Culture Secretary to issue a fresh Piin.

Ofcom now has until March 11 to carry out its reviews, after which Ms Frazer must decide whether to refer it for an in-depth phase two investigation by the Competition and Markets Authority lasting up to 32 weeks.

Dozens of MPS have urged the Government to block the takeover.

Redbird IMI is poised to take control of The Telegraph in a complex transaction in which it helped the Barclay family repay £1.2bn in debts to Lloyds Bank.

The fund has promised legally binding undertakings that it says will guarantee the UAE has no influence over editorial matters.