Abu Dhabi's IMI rejects UK Ofcom report into Telegraph bid
International Media Investments (IMI) has rejected Ofcom’s report into RedBird IMI’s bid for The Telegraph , criticising its “methodology, reasoning and conclusions which were reached before the evidence was examined”. The British media regulator’s report, which has been released by the UK's Culture Secretary Lisa Nandy, followed a protracted takeover saga involving the British newspaper group…
International Media Investments (IMI), the Abu Dhabi-based media company, has dismissed Ofcom's report into its bid for The Telegraph, arguing that the regulator's methodology, reasoning, and conclusions were flawed. The report, which was part of an initial review by Ofcom, was released by UK Culture Secretary Lisa Nandy following the acquisition of The Telegraph by German media conglomerate Axel Springer in April.
IMI, which includes The National and Sky News Arabia in its portfolio, criticized Ofcom's investigation and defended the editorial independence of its titles. The regulator's report admitted that it ignored IMI's actual track record, undermining investor confidence. A prominent British business leader added his support to IMI's criticism, stating that the government's handling of the deal was a missed opportunity for British business and that revisiting a two-year-old report only serves to harm international investor confidence.
IMI accused Ofcom of using "an arbitrary and biased set of assumptions" and undermining foreign nations' laws and governance. The regulator accepted IMI's strong compliance record and noted the lack of editorial interference, but still judged the bid based on the origin rather than the company's conduct.
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