Telegraph deal: stake promised to UAE before legislation approved “puts the cart before the horse”

EMBARGO: Immediate Release

Responding to reports that the Telegraph has agreed a deal with a US private equity firm but that the UAE will retain a 15% stake, Chris Fox, Liberal Democrat Lords’ Spokesperson for Business and sponsor of the fatal motion to block the legislation allowing foreign state stakes in British papers, said:

“Promising a stake in the Telegraph to the UAE before Nandy's legislation has passed Parliament puts the cart before the horse.

"We don't believe in letting overseas states buy their way in to influencing the news we read. We’ll move to block the law as soon as it reaches the Lords - and can win the vote if the Conservatives do the right thing and stand with us.

"The new permissions for foreign ownership of newspapers simply don't exist yet, and there's many lawmakers who don't believe they should.

"Of course we want to see our iconic British papers survive, but editorial independence must be shielded from foreign sway - not just in the current case, but for all future deals cut on UK newspaper ownership as the media landscape continues to change beyond recognition.”

ENDS

Notes to Editor:

Please find the full text of Lord Fox’s motion here: https://lordsbusiness.parliament.uk/ItemOfBusiness?itemOfBusinessId=155410§ionId=48&businessPaperDate=2025-05-20
 

Lords Library research shows that the Conservatives in the Lords voted multiple times in favour of successful fatal motions last time they were in opposition: on gambling regulations in 2007 and on rules for Greater London elections in 2000. See paragraph 2.2 from p7 here: https://researchbriefings.files.parliament.uk/documents/LLN-2016-0001/LLN-2016-0001.pdf