Ousted CNN boss Jeff Zucker’s plan to acquire Britain’s Daily Telegraph is in jeopardy as the UK government moves forward with legislation banning foreign state ownership of newspapers and news magazines. Zucker’s bid strongly depends on support from the United Arab Emirates.
Prime Minister Rishi Sunak’s decision was triggered by concerns over foreign control of influential British media outlets. These stemmed directly from the use of Emirati funds in Zucker’s bid. The Telegraph, along with its sister publication, The Spectator, holds considerable sway in British politics.
Zucker’s business, RedBird IMI, will now have to reconsider its approach. This could include seeking new investment partners and reducing the Emirati stake to comply with the upcoming rules.
Prominent members of the Conservative Party, including broadcaster Andrew Neil and Fraser Nelson, editor of The Spectator, publicly criticized Zucker’s reliance on Emirati funding. This amplified the political scrutiny of overseas influence on British institutions and rallied further opposition among Conservative lawmakers.
The acquisition was already under review by British regulators. The proposed legislation restricting foreign state ownership is expected to pass in Parliament, given the Conservative Party’s solid majority.
Zucker is a controversial figure in American media and politics. At CNN, he encouraged staff to divide America and promoted alleged scandals surrounding the Trump administration. He also presided over multiple internal sex scandals.
