Britain's competition regulator said on Thursday it was investigating the acquisition of the Telegraph Media Group by Abu Dhabi-backed RedBird IMI.
Under the plan, RedBird IMI, which is led by former CNN executive Jeff Zucker, could end up owning the titles through a debt-for-equity swap. The government said it understood that RedBird IMI intended to exercise the option at the "earliest opportunity."
Abu Dhabi's IMI (International Media Investments) says it is building a portfolio of media assets across the world, with brands including CNN Business Arabic and interests in Sky News Arabia and Euronews.
"If we gain ownership of the Telegraph and Spectator we will be fully committed to maintaining the existing editorial team of the publications and believe that editorial independence for these titles is essential to protecting their reputation and credibility," a RedBird IMI spokesperson said last week.
© 2024 Thomson/Reuters. All rights reserved.