Yahoo Finance Ex-CNN chief fronting Abu Dhabi’s Telegraph bid accuses critics of ‘slinging mud’
The US media executive fronting an Abu Dhabi takeover of The Telegraph has promised he will guarantee editorial independence, even as he accused rivals of “slinging mud” to derail the bid.
Jeff Zucker, the former CNN chief, has emerged as a frontrunner in the race with a swoop backed by Sheikh Mansour bin Zayed Al Nahyan, vice-president of the United Arab Emirates.
But the approach, which is funded through a £1.2bn debt deal with the Barclay family, has stoked concerns about the United Arab Emirates’ (UAE’s) record of censorship.
Mr Zucker said he would “make sure that [the Government] understand that we’re prepared to make commitments that should assuage anyone’s concerns”.
Sky News reported that the undertakings would be legally binding and would also apply to The Spectator magazine, which is also part of the planned deal.
However Mr Zucker also appeared to dismiss criticisms of the plans that have been published across Fleet Street. The plan has sparked anger among rival bidders, which include the Daily Mail publisher DMGT. Rupert Murdoch, owner of The Times, has been pursuing The Spectator.
Mr Zucker said: “There’s a reason that people are slinging mud and throwing darts – [it’s] because they want to own these assets. And they have their own media assets to try to hurt us.”
His pledges to guarantee editorial independence highlight efforts by RedBird IMI, the investment fund he leads, to calm mounting concerns over its interest in The Telegraph.
In addition to its non-democratic governance, the UAE has also come under criticism for its track record of media censorship.
Culture Secretary Lucy Frazer has said she is minded to issue a Public Interest Intervention Notice (PIIN), which would trigger regulatory scrutiny of the bid.
This would examine a review of accurate presentation of news and free expression of opinion would be maintained, as well as ensuring there is a plurality of views and owners in the media sector.
Lloyds Banking Group seized control of The Telegraph and The Spectator in June by sending in receivers after the Barclay family failed to repay debts.
Lloyds last month launched an auction run by Goldman Sachs. However, this has since been halted while the bank considers the complicated loan-based offer that would see the Barclay family repay its debt and ownership of The Telegraph immediately transferred to RedBird IMI.
