The culture secretary has vowed to do “everything possible” to protect press freedom as the UAE-backed Telegraph takeover plan is considered.
Lucy Fraser, who intervened in the Redbird IMI attack plan, described the British press as “excellent” and said they would “do everything to protect freedom”.
Speaking at an event in Parliament on Wednesday, she said: “At a time of geopolitical instability and the rise of disinformation around the world, journalism that people can trust is really important.
“Free and unfavorable journalism is what really matters.”
The comments came amid growing concerns about the prospects of the UAE’s takeover of Telegraph and its impact on press freedom.
RedBird IMI is a joint venture between US private equity firm RedBird and International Media Investments (IMI), an Abu Dhabi operating company backed by Manchester City owner Sheikh Mansour bin Zayed Al Nahyan. ) is a joint venture with
IMI is providing 75% of the £600m price tag for the Telegraph and Spectator, with the bid led by former CNN chief Jeff Zucker.
Mr Fraser triggered a public interest interference notice (PIIN) in November, halting trading while Ofcom carried out a review.
The regulator was originally scheduled to report its findings last month, but the process was delayed by six weeks after the UAE Fund restructured its bid at 11pm, prompting the Culture Secretary to issue a new PIIN.
Ofcom now has until March 11 to carry out its review, after which Mr Fraser must decide whether to refer the company to a detailed stage two investigation by the Competition and Markets Authority, which could last up to 32 weeks.
Fraser, who has a quasi-judicial role in the review, said he could not comment on the process.
But Media Minister Julia López said last month that she was “concerned, in principle, about government ownership of any media organization.”
Dozens of MPs have called on the government to block the takeover over concerns that the authoritarian state will influence the editorial content of major British media outlets.
Some have called on Mr Fraser to issue a third PIN to give him control over the debt itself, while others have called for a national security review.
Alicia Kearns, chair of the Foreign Affairs Committee, called for such a review, warning that it is impossible to “separate chief and state.”
And in a sign of concern across the political spectrum, Scottish Liberal Democrat Jamie Stone on Thursday warned of “very deep anxiety” and called for a debate on the issue.
“The Leader of the House of Representatives has called our country the greatest democracy in the world,” he said.
“I was struck by the fact that free speech, proper debate, and a free press that is not controlled by a foreign country is part of that.”
Redbird IMI is seeking to take control of the Telegraph newspaper in a complex deal that will help the Barclays repay a £1.2bn debt to Lloyds Banking Group.
The foundation has committed to legally binding commitments to ensure that the UAE has no influence over editorial issues.