Abu Dhabi group closes in on Telegraph | How advertisers can save democracy
And British reporter who lost both feet in Ukraine honoured by Zelensky
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The race to buy the Telegraph could be almost run if we are to believe the press release landing last night from Redbird IMI.
The Abu Dhabi-backed investment vehicle says it has agreed a deal enabling Barclays to pay back all the debt owed to Lloyds Bank (£1.16bn at last tally).
This could mean that the auction won’t happen and that Redbird would take control of the Telegraph.
But lots could happen yet. Lloyds has to approve the deal and will be taking soundings from the UK Government as to whether overseas ownership of such a key UK news provider will be allowed.
Today we also have the first of my reports from Press Gazette’s New York trip last week (did I mention I recently went to New York?!) - with lots more to come.
I report on huge US concerns over data privacy and the dominance of tech platforms in an online advertising market currently killing publishers (and so, by extension, democracy).
We also have the latest on another upcoming Guardian libel trial.
And we have the first sighting of newly-anointed News Corp chairman Lachlan Murdoch out in the world. He’s visited Volodymyr Zelensky in Ukraine to reaffirm the company’s commitment to covering Ukraine, notwithstanding everything else going on in the world right now.
Fox News lost two journalists in an attack at the start of the war that left reporter Benjamin Hall with life-changing injuries. Hall was thanked in person by Zelensky as he was awarded with the country’s Order of Merit.
It was all a powerful reminder from the new chairman of News Corp that his business is not just about balance sheets and profit: it is also a cause for which some colleagues have been prepared to pay the ultimate price.
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New from Press Gazette
Abu Dhabi-backed RedBird IMI says it is set to take control of Telegraph
“Under the terms of this agreement, RedBird IMI has an option to convert the loan secured against the Telegraph and Spectator into equity, and intends to exercise this option at an early opportunity.”
Fox News reporter Benjamin Hall wounded outside Kyiv honoured by Zelensky
“It is thanks to journalists from many countries that we now have such support in the world.”
Data privacy and advertising: How marketers are ‘killing democracy’
“I don’t think marketers appreciate the extent to which they are paying for bad data to reach fake people on unsafe websites and killing democracy.”
Guardian welcomes ruling in libel fight over reporting of Serial’s Trojan Horse podcast
The Observer publisher said it will defend its journalism "robustly".
Podcast 60: How to make local news pay with Newsquest CEO Henry Faure Walker
Last year UK regional news giant Newsquest made £40m in pre-tax profits on turnover of £190m.
This year it is tracking to have ad revenue broadly flat over two years.
CEO Henry Faure Walker spoke to Dominic Ponsford about how the publisher of 200+ titles is bucking the trend on both audience and advertising revenue decline. He also shed light on some fascinating experiments using generative AI in the newsroom.
News in brief
The Times declared "Lord Rothermere is right" of the DMGT owner in a leader about the risk of AI in news, saying: "the threat to original reporting hits more than just the pockets of newspaper owners or those producing original digital content: it is... a threat to democracy". (The Times)
At the Foreign Press Association Awards last night Queen Camilla praised reporters in Ukraine and the Middle East "in these most difficult of times" and highlighted women journalists like Marie Colvin and Daphne Caruana Galizia as "among the bravest". (Mail Online)
Express editor Gary Jones has told readers: "We see The Express as a family and we very much see yourself as part of it" as he explained why they should pay for Express Premium - £2.99 per month for ad-free reading, better commenting and exclusive newsletter. (Express)
Sinn Féin is taking legal action against The Irish Times and political correspondent Harry McGee over a story about the party's response to the Hamas attack on Israel. Press freedom organisations said it is the latest "intimidation" by the party against the media and must stop. (RSF)
New commercial radio station Bournemouth One has appointed former Dorset Biz News owner and editor Andrew Diprose as news editor. Bournemouth One launches on 1 January 2024.
Previously on Press Gazette
GB News launches paid membership scheme with events, paywalled video and crosswords
Platform profile: How to reach the 70 million people using Snapchat for news
Telegraph journalists told use of ChatGPT will result in same sanctions as plagiarism
Data journalism: Why 200-year-old template still works
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