People’s access to independent and accurate news will be better protected under updated government rules being set out today, which will modernise powers around media mergers while supporting investment and growth.
The Culture Secretary will today confirm reforms to extend powers to scrutinise takeovers beyond traditional media to online news sites and magazines for the first time.
The media mergers regime will now cover acquisitions of UK online news publications and periodical news magazines, expanding beyond just television, radio and print newspapers as it presently stands.
This reflects modern news consumption habits, with Ofcom reporting that seven in ten UK adults say they consume online news in some capacity.
The expanded powers will allow greater scrutiny of takeovers that might negatively impact accurate reporting, freedom of expression and media plurality – which are essential to the UK’s democracy.
The government is also introducing targeted exceptions to allow certain state-owned investment funds – such as sovereign wealth funds or pension funds – to invest up to 15% in UK newspapers and news periodicals. This balanced approach will still limit any scope for foreign state control or influence of news organisations while giving them much-needed flexibility to seek business investment that supports their long-term sustainability.
Culture Secretary Lisa Nandy said:
Britain’s free and independent press is a national asset like no other and it is right that we have strong measures in place to allow scrutiny of UK takeovers that might go against the public interest.
These important, modernising reforms are about protecting media plurality and reflect the changing ways in which people are consuming news.
We are fully upholding the need to safeguard our news media from foreign state control whilst recognising that news organisations must be able to raise vital funding. We are taking a proportionate, balanced approach to a threshold for low-risk investments that will remove a potential chilling effect on press sustainability, while supporting growth under our Plan for Change.
Secondary legislation will be laid to enact these changes and will be subject to votes in both Houses of Parliament.
The proposed amendments to the definition of newspaper for the Foreign State Influence regime will apply with retrospective effect from now.
