However, this week RedBird IMI established an English limited partnership to replace a Delaware holding company in an apparent attempt to address some of the concerns about the perceived threat to press freedom from the involvement of an autocratic state.
The change would bring the ownership structure under UK company law and seek to distance it further from International Media Investments (IMI), the Sheikh’s company in Abu Dhabi which has a record of censorship and editorial interference.
However, the 11th-hour change, which comes soon after RedBird IMI called in the former chancellor George Osborne as an adviser, appeared to anger Ms Frazer. She delivered a rebuke to RedBird IMI in a written statement to Parliament.
Ms Frazer said: “I do not consider this is conducive to the full and proper functioning of the process.
“I expect the parties to ensure that all the relevant authorities have timely access to all relevant information, and in sufficient detail, in order that they, and subsequently I as Secretary of State, can make our determinations.”
A spokesman for RedBird IMI said: “This change was made in order to clarify the point that IMI is a passive investor in the company that will own the Telegraph and as such will have no management or editorial involvement whatsoever in the title.”
RedBird IMI has also proposed an editorial trust responsible for ensuring its promises of press freedom are kept. Such pledges are known by regulators as “behavioural remedies” are viewed less favourably than “structural” protections such as the new ownership vehicle the fund established this week.
Robert Johnson is a UK-based business writer specializing in finance and entrepreneurship. With an eye for market trends and a keen interest in the corporate world, he offers readers valuable insights into business developments.
