The UK Government has intervened with the sale of the Telegraph to the Abu Dhabi-backed firm which also also owns Manchester City.

The paper has been taken over by Lloyds Bank as it seeks to recover the £1.1b owed by the owners, the Barclay Family.

But in November, investment consortium RedBird IMI, which is financially backed by Manchester City owner Sheikh Mansour bin Zayed Al Nahyan and ran by former CNN President Jeff Zucker, agreed to pay the sum and assume control.

Despite Lucy Frazer, the culture and media secretary, previous saying she would not intervene in the transaction, she says transferring an politically important news paper is a matter the UK government to scrutinise.

The deal has previously been reported to the Competitions and Markets Authority (CMA) and Ofcom, who are both due to report back by January 26, 2024.

Ms Frazer has now went further, issuing a Public Interest Intervention Notice (PIIN) due to her concerns about the sale.

Mr Zucker, who has also served as President and CEO of NBC has refuted any claims that the editorial independence of the Telegraph, or the Sunday Telegraph and the Spectator, would be comprised by the sale.

FTSE 100

The UK's flagship share index, the FTSE100, was up 49-points at 7,503 shortly after opening this morning.

Meanwhile, Brent crude futures were down 0.32% at $80.60 a barrel this morning.

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