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NEW DELHI: The proposed sale of the Telegraph Media Group to an Abu Dhabi-backed investment fund is under the UK Government’s scanner on public interest grounds with Culture Secretary Lucy Frazer stating that she’s ‘minded’ to issue a Public Interest Intervention Notice.
She raised concerns “that there may be public interest considerations” that are “relevant to the intended loan repayment by the Barclay family and the planned acquisition of Telegraph Media Group by RedBird IMI”, said media reports.
In her statement on November 22, she said, “These concerns warrant further investigation.” On December 13, 2022, RedBird Capital partners and International Media Investments announced their partnership to create RedBird IMI, a joint venture investment vehicle focused on acquiring and investing in large scale media, entertainment and sports content properties on a global basis.
RedBird Capital Partners is a private investment firm that builds high-growth companies and provides strategic capital solutions to founders and entrepreneurs, according to a release on the company’s website.
International Media Investments is a private company based in Abu Dhabi that holds media investments, both digital and linear, across the globe, including The National, Sky News Arabia, CNN Business Arabic and The Grid, it added.
The Culture Secretary has written to various parties involved in the proposed Telegraph media deal to inform them that she is “minded to issue a public interest intervention notice”.
These were addressed to RedBird IMI, lender Bank of Scotland, Ultimate Investment Holdings Limited as “Notice of a Potential Intervention Notice”, according to the Department for Culture, Media & Sport. In a written statement to lawmakers, Frazer raised concerns “that there may be public interest considerations… warrant further investigation”. The Telegraph Media Group, controlled by the Barclay brothers– Frederick and David – for nearly two decades, was set for sale over unpaid debts.
The Barclay family lost control of the Telegraph and the Spectator magazine to LLoyds Banking Group Plc in June after failing to pay debt. RedBird IMI agreed to a loan package with the Barclays indicating control of the Telegraph newspaper and Spectator magazine to which the family is reported to have agreed.
