Telegraph Media Group: Proposed Sale to RedBird IMI
Debate between Damian Collins and Julia Lopez(2 months, 4 weeks ago)
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Julia Lopez
I am afraid that is not a subject about which I know a great deal. I shall happily look into it and see whether there are any implications for our media landscape, but I cannot comment in relation to this specific acquisition.
Damian Collins (Folkestone and Hythe) (Con)
Does the Minister agree that the fact that we are in this position shows that clarity is needed about media ownership rules? We need a presumption against sovereign foreign states acquiring strategic UK media assets to further their influence, just as there should one be against acquisition by a foreign oligarch who might not have a commitment to the media. We need some certainty about how and where such an intervention can be made, and not purely on competition grounds.
Julia Lopez
That point has been raised by a number of hon. Members. We have tools for these kinds of acquisitions, as can be seen in the public interest intervention notices that we have imposed in this case. I reassure Members that we are not totally naked on this question; there are tools, under the Enterprise Act, that allow us to look into it. I am sure that once the process is over, we will be able to look back and say whether any further action or intervention is required.