International Media Investments is a state-funded private investment company of the United Arab Emirates and its Sheikh Mansour bin Zayed Al Nahyan.
| International Media Investments FZ LLC | |
| Headquarters | Abu Dhabi, United Arab Emirates |
Key people | Rani R. Raad, CEO Jeff Zucker, executive |
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History edit
RedBird IMI edit
In 2022, IMI formalized a partnership with RedBird, an American investment management firm active in several tertiary sectors such as consumer goods, financial services, telecommunications, media, technology, and sports, with assets under management of over $10 billion (2022).[1] The partnership, which includes former CNN Chief Executive Jeff Zucker and COP28 President Sultan Al-Jaber among its leadership, allows IMI to invest in RedBird's sports and entertainment properties.[2][3]
The Telegraph and The Spectator takeover bid edit
In November 2023, reports emerged that RedBird IMI were ready to make a significant investment in two major UK news titles owned by the Barclay family: The Telegraph and The Spectator.[4][5] These reports were met with significant resistance from Conservative Party MPs, and culture secretary Lucy Frazer issued a public interest intervention notice on 30 November[6] preventing the group from taking over without further scrutiny from the media regulator Ofcom over potential breaches of media standards.[7][8] In March 2024, the UK Government signalled that it would move to block the takeover, with Culture Minister Lord Parkinson announcing an amendment to the third reading of the Digital Markets Act, which would "explicitly rule out newspaper and periodical news magazine mergers involving ownership, influence or control by foreign states."[9] In response, a spokesperson from RedBird IMI stated that they were "extremely disappointed" by the decision, adding that "to date, RedBird IMI has made six investments across the U.K. and U.S., and we believed the U.K.’s media environment was worthy of further investment”, and that the company would “now evaluate our next steps.”[10] The House of Lords voted for a new law to block the UAE’s bid for The Telegraph. Under the law, foreign governments were restricted to own only upto 0.1 per cent stake in the British publications.[11] [12]
Investments edit
- The National, an English-language daily newspaper published in Abu Dhabi. IMI acquired The National from the Government of Abu Dhabi in 2016.[13]
- Euronews, a European television news network, headquartered in Brussels. IMI acquired a minority stake in Euronews in 2018.[14]
References edit
- ^ root (2022-05-20). "Chi è RedBird, il fondo pronto all'acquisto del Milan". Calcio e Finanza (in Italian). Retrieved 2024-01-06.
- ^ Mullin, Benjamin (2023-06-04). "Former CNN Chief Jeff Zucker Has a New Job at RedBird IMI. What Is It?". The New York Times. ISSN 0362-4331. Retrieved 2023-06-19.
- ^ Hayes, Dade (2022-12-13). "Jeff Zucker, RedBird Capital And Abu Dhabi's IMI Formalize Joint Venture With $1B Earmarked For Media And Sports Investments". Deadline. Retrieved 2023-06-19.
- ^ "Jeff Zucker's RedBird IMI backs latest Barclay offer for the Telegraph". www.ft.com. Retrieved 2024-03-14.
- ^ "Ex-CNN chief Zucker backs Barclays' £1.15bn Telegraph bid". Sky News. Retrieved 2024-03-14.
- ^ "INTERVENTION NOTICE GIVEN PURSUANT TO SECTION 42 OF THE ENTERPRISE ACT 2002 ANTICIPATED ACQUISITION OF THE TELEGRAPH MEDIA GROUP LIMITED BY REDBIRD IMI" (PDF). Gov.uk. Retrieved 3 December 2023.
- ^ "UK Government Halts Jeff Zucker Telegraph Deal To Perform Investigation". Mediaite. 1 December 2023. Retrieved 3 December 2023.
- ^ "UK bars Abu Dhabi-backed group from acquiring Telegraph, pending review". Reuters. 1 December 2023. Retrieved 3 December 2023.
- ^ "Foreign governments face ban on owning British newspapers - effectively blocking Abu Dhabi-led Telegraph takeover". Sky News. Retrieved 2024-03-14.
- ^ Grynbaum, Michael M.; Landler, Mark (2024-03-13). "U.K. Moves to Bar Foreign State Ownership of Newspapers, a Blow to Telegraph Bid". The New York Times. ISSN 0362-4331. Retrieved 2024-03-14.
- ^ "Lords approve law that would block UAE Telegraph takeover". 26 March 2024. Retrieved 27 March 2024.
- ^ "The UAE bid for The Spectator is over". 26 March 2024. Archived from the original on 27 March 2024. Retrieved 27 March 2024.
- ^ "Man City owner buys The National newspaper". Arab News. 2016-11-17. Retrieved 2024-03-14.
- ^ "IMI Brands". International Media Investments. Retrieved 2024-03-14.