Telegraph Media Group

Lord Fox Excerpts

Wednesday 19th November 2025 Lords Chamber

Asked by

[Lord Fox]

To ask His Majesty’s Government what assessment they have made of reports of the withdrawal of the RedBird bid for ownership of the Telegraph Media Group.

[The Parliamentary Under-Secretary of State, Department for Culture, Media and Sport (Baroness Twycross) (Lab)]

My Lords, the Secretary of State and I are acutely aware that the Telegraph and those who work there have been in limbo for too long. We are keen for this to be resolved as soon as possible in the public interest. The Secretary of State has now received a formal withdrawal of RedBird IMI’s request to progress the sale of the call option to RedBird Capital Partners. I am sure the noble Lord will understand that I cannot provide a running commentary or go into detail on this commercially sensitive live case. The Secretary of State will update Parliament when regulatory decisions are made.

[Lord Fox (LD)]

I thank the Minister for that Answer. When the Government hastily tabled the statutory instrument that was specifically designed to allow RedBird to make its acquisition, it was crystal clear to many of us that the deal was wrong. Now the financial wreckage left behind by RedBird’s exit is very complex. For example, some reports suggest that Abu Dhabi-based International Media Investments could retain huge residual interest in the Telegraph and, depending on the final price of any sale, that could be well more than 15%. The Telegraph Media Group clearly needs a white knight acquirer, but to ensure the best interest does the Minister agree that none of the players involved in the deals to date should be driving the sale process? Does she also concede that, given DCMS’s failure to read the financial room, it too should stand aside in favour of the Cabinet Office or perhaps an external adviser experienced in dealing with these kinds of complex issues?

[Baroness Twycross (Lab)]

The Secretary of State has adhered to the letter of the law and diligently carried out her quasi-judicial responsibilities. There is no basis to the suggestion that the decision should be made elsewhere. Securing a swift outcome in the public interest is a priority for her, and she will continue to act within the bounds of the regulatory framework as set out in the Enterprise Act 2002. Noble Lords wanted powerful legislation to prevent foreign states from owning a stake in our newspapers and rightly so. Now we must allow for resolution to be sought to secure stability for the Telegraph.