"The government legislation allowing foreign states to own up to 15% in British newspapers survived a potentially fatal vote in the House of Lords, ensuring RedBird Capital's purchase of the Telegraph can proceed."
"Gerry Cardinale's RedBird Capital is leading a consortium to buy the Telegraph for £500m, with the UAE retaining a stake of 15% through International Media Investments."
The Telegraph's sale is moving forward after legislation permitting foreign states to own 15% of British newspapers passed in the House of Lords. RedBird Capital is leading a consortium to purchase the Telegraph for £500 million, allowing the UAE's International Media Investments to maintain a 15% stake. Previous legislation proposed by the Conservative government aimed to cap foreign ownership at zero. The recent vote rejected a fatal motion that threatened the legislative progress, although further regulatory measures, including a public interest test, will still need to be addressed for the sale to be finalized.
Read at www.theguardian.com
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