Mark Howard writes for the Evening Standard on the blocked Telegraph takeover, the NSI Act and the Enterprise Act 2002
Towards the end of March 2024, the House of Lords voted to effectively block a bid to buy The Telegraph by RedBird IMI, a fund 75 per cent backed by Sheikh Mansour bin Zayed Al Nahyan, the UAE vice-president.
Peers passed an amendment to rule out the “ownership, influence or control” of newspapers and periodical news magazines by foreign governments, with Lord Parkinson, the culture minister, further announcing that the law would later be extended to online newspapers.
In light of this news, Mark Howard, Partner in our corporate team, writes an article for the Evening Standard, arguing that while "media plurality is undoubtedly a key public interest [...] the fact that the Enterprise Act 2002 needed amending in such a hasty fashion is an alarm bell for UK Plc."
Mark goes on to remind readers that the outcome of the UK Government's review of the National Security and Investment (NSI) Act 2021 is still pending. He warns that the UK "is at risk of damaging its reputation as a world leading jurisdiction for global investment, mergers and acquisitions, and entrepreneurism". Mark continues:
It is therefore vital that the UK’s approach to national security and other public interests such as media plurality, as well as the threats posed by rapidly evolving technologies such as generative AI, is proportionate and provides sufficient certainty and clarity to enable informed investment and acquisition decisions.
Read the full article in the Evening Standard here.
