Abu Dhabi-backed fund pulls out of deal to take over UK’s Telegraph newspaper group

By SYLVIA HUI
Associated Press

LONDON (AP) — Britain’s Telegraph newspaper group is back up for sale after a United Arab Emirates-backed consortium pulled out of a takeover bid. Abu Dhabi-backed investment fund RedBird IMI says it is withdrawing from its proposed acquisition of the Telegraph Media Group, which owns the right-leaning Daily Telegraph and Sunday Telegraph newspapers and The Spectator magazine. The proposed deal faced a backlash from Britain’s government, which expressed concerns about the impact on freedom of expression and accurate presentation of news. Last month the government said it planned to bring forward legislation that would block foreign state ownership of British newspapers and magazines. Officials also launched a probe into the proposed deal’s potential impact on freedom of speech.