IMI Dismisses Ofcom Report on Telegraph Bid, Calls Investigation Flawed

International Media Investments (IMI) has rejected the Ofcom report on RedBird IMI’s bid for The Telegraph, arguing that the regulator’s methodology, reasoning and conclusions were reached before any evidence was examined.

The document was released by the UK’s Culture Secretary Lisa Nandy after a prolonged takeover contest for the British newspaper group that ended with its acquisition by German media conglomerate Axel Springer in April.

Although the review was initially part of Ofcom’s process, it was halted after RedBird IMI sold the newspaper group at a profit, and the UK government opted to publish the report without completing the full assessment.

IMI’s Statement and Criticisms

IMI, the Abu Dhabi‑based media firm that was part of a joint venture with RedBird in the Telegraph bid, issued a statement on Friday condemning the regulator’s investigation and defending the editorial independence of its titles, which include The National and Sky News Arabia.

In the statement IMI said: “Ofcom was tasked with assessing a commercial media company. It failed to do so. In an astonishing admission written into the report itself, Ofcom states that it was ‘not necessary to rely on information about the reported past behaviour of IMI associated businesses’. In plain English: a public regulator tasked with evaluating IMI admitted on the record that it ignored IMI’s actual track record to reach its verdict.”

IMI further accused Ofcom of employing “an arbitrary and biased set of assumptions, conflating the commercial interests of a private company with the conduct of a sovereign state”.

It added: “It is not the role of a British media regulator to adjudicate the laws and governance of foreign nations.”

Defence of Editorial Independence

IMI pointed out that Ofcom gave no weight to the company’s legally binding undertakings, notably the promise never to influence The Telegraph’s editorial decisions, and noted that an Independent Editorial Trust would have held veto power over the appointment and removal of the Telegraph’s Editor‑in‑Chief.

It emphasised that Ofcom’s report contained no findings of editorial interference against the company.

The regulator accepted The National’s strong compliance record with the Editors’ Code of Practice, confirmed there have been no IPSO rulings against it, and observed that every historical allegation concerning its newsroom predates IMI’s ownership.

Furthermore, Ofcom “admits that there appears to be a viable commercial incentive and rationale for RedBird IMI’s acquisition of the Telegraph”.

IMI also criticised the manner in which the Ofcom report was presented.

It said: “Regulatory decisions in British media have historically been decided on conduct, binding commitments, and commercial incentives. The RedBird IMI bid was not judged on the facts or on IMI’s track record. It was judged on its origin and not its conduct. IMI encourages investors to read the report thoroughly.”

It continued: “Allegations are not findings. Association is not control. Speculation is not evidence. IMI rejects any suggestion that it has ever interfered, or would ever interfere, in the editorial independence of its media outlets.”

Responses from British Business and Politics

A respected British business leader and politician added his voice to IMI’s criticism of the publication of the Ofcom report.

Billionaire property developer Nick Candy, who is also treasurer of the Reform Party, told The National: “Britain cannot spend half its time courting investment from the Gulf and the other half putting up barriers when that investment arrives.”

He added: “The Government’s handling of the RedBird IMI deal was a total disaster and a missed opportunity for British business, and revisiting a two-year-old report now only serves to undermine international investor confidence further. If we want Britain to be taken seriously as a destination for global capital, we need to start acting like it.”