Telegraph Media Group Ltd: Acquisition

Caroline Dinenage Excerpts

Tuesday 30th April 2024 Commons Chamber

[Mr Speaker]

I call the Chair of the Select Committee.

[Dame Caroline Dinenage (Gosport) (Con)]

I welcome the Secretary of State’s statement and the decision of RedBird IMI, in effect, to withdraw from purchasing the Telegraph. Freedom and plurality are, of course, cornerstones of our media, and political interventions should always be the last resort, but I agree with her that it is absolutely unacceptable for foreign states to have the potential to interfere with the independence and freedom of our press. What is RedBird’s role during the period it takes for a prospective buyer to be found? Will it be able to hold a non-controlling stake in the Telegraph at the end of this process?

[Lucy Frazer]

The position on the governance of the Telegraph during this period is the same as it has been since I started this regulatory process. I have been concerned at all times to ensure that the independence of the directors, the managers and the editorial team remains. That is why I brought forward a pre-emptive order, which would restrict any changes in that regard. A sales process will now take place, and it will have to follow any regulations that are in force and that will govern it.