Baroness Stowell, who forced the Government to agree to ban foreign states owning UK papers, wants minority stakes limited too
to prevent overseas powers acquiring media organisations
Ministers acted when it became clear that the former Conservative cabinet minister had sufficient backing for her proposal to pass. The new legislation will not be retrospective but the rules could affect any future changes in the ownership structure of theRussian owner Evgeny Lebedev sold a 30 per cent stake in the news website and paper to Saudi businessman Sultan Mohamed Abuljadayel who has ties to the country’s state-owned bank.
“But it’s important that it’s only for the kind of passive investment that’s already happening, it’s not a get-out clause for the sort of thing we’re trying to block with a ban.” Broadcast media will be excluded from the new laws, permitting foreign states to potentially bid for UK TV news providers. Gulf state entities could also seek to buy up digital and social media assets as an alternative to newspapers.
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