An audacious effort by the American media executive Jeff Zucker and his Emirati backers to acquire London’s Daily Telegraph appeared to be on life support on Wednesday after the British government advanced legislation that would bar foreign state ownership of newspapers and newsmagazines.
The move by Prime Minister Rishi Sunak would torpedo Mr. Zucker’s bid in its current form, which relies heavily on financing from investment partners in the United Arab Emirates.
The use of Emirati funds caused an uproar in Westminster over foreign influence in the British media, given the outsize importance of The Telegraph and its sister publication, The Spectator, to Mr. Sunak’s Conservative Party.
Mr. Zucker’s media venture company, RedBird IMI, can now try to salvage its bid for the publications by finding new investors and diluting the Emiratis’ majority stake to a level allowed under the government’s proposed rules.
His representatives had no immediate comment on Wednesday.
Persons:
Jeff Zucker, Rishi Sunak, Zucker’s, Zucker, Rupert Murdoch
Organizations:
London’s Daily Telegraph, United, United Arab Emirates, Telegraph, Spectator, Sunak’s Conservative Party, RedBird IMI, CNN
Locations:
United Arab, Westminster, Britain