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## RedBird IMI Abandons Plans for The Daily Telegraph Acquisition

An Abu Dhabi-backed fund, RedBird IMI, has decided to halt its attempt to acquire The Daily Telegraph after facing government opposition. This development has triggered an auction process for the UK media assets, including The Telegraph and The Spectator titles. The government’s intervention has made the fund’s ownership aspirations unattainable.

The fund, supported by the UAE’s deputy prime minister and owner of Manchester City Football Club, Sheikh Mansour bin Zayed al Nahyan, had struck a deal with the Barclay family in December to acquire the group by settling debts with the family-owned bank, Lloyds. However, the move prompted investigations by regulatory bodies, leading to the government’s amendment to prevent foreign state ownership of UK newspapers.

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The announcement of RedBird IMI’s decision to withdraw from the Telegraph Media Group acquisition emphasizes the fund’s intention to pursue a sale instead. The ongoing discussions with Whitehall officials regarding the auction structure, including the decentralized sale of Telegraph and The Spectator, underscore the uncertainty surrounding the assets’ future ownership.

In response to RedBird IMI’s retreat, potential bidders like Lord Rothermere and Sir Paul Marshall have expressed interest in acquiring the Telegraph Media Group. Culture Secretary Lucy Frazer’s vigilance in safeguarding media freedom during the acquisition process highlights the government’s commitment to upholding journalistic integrity and democratic principles.

Through continuous monitoring and regulatory oversight, the Culture Secretary aims to ensure a seamless transition and uphold the integrity of the UK media landscape. The ban on foreign state influence in British newspapers signifies the government’s dedication to preserving the autonomy and impartiality of the press in a democratic society.

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