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\n\tJeff Zucker<\/a> and Gerry Cardinale\u2019s RedBird IMI<\/a>, the brand new Abu Dhabi-backed proprietor of All3Media<\/a>, has pulled out of its deal to purchase the UK\u2019s Daily Telegraph<\/a> following press freedom issues.<\/p>\n \n\tRedBird IMI will now must successfully promote the Telegraph because it had already taken management of the British paper plus Spectator Magazine in December when it repaid proprietor the Barclay household\u2019s money owed, together with a \u00a3600M ($753M) mortgage towards the titles.<\/p>\n \n\t\u201cRedBird IMI has today confirmed that it intends to withdraw from its proposed acquisition of the Telegraph Media Group and proceed with a sale,\u201d a RedBird IMI spokesperson advised Reuters. \u201cWe have held constructive conversations with the government about ensuring a smooth and orderly sale for both titles.\u201d<\/p>\n \n\tThe transfer comes months after RedBird IMI was prevented from bringing the deal residence as a consequence of regulatory roadblocks amid concern on the higher echelons of UK authorities round press freedom. The acquisition was dealt a remaining blow final month when the UK introduced in a legislation to cease overseas governments proudly owning newspapers, coming after RedBird IMI had proposed a plan whereby it could have integrated a brand new UK holding firm which might personal the Telegraph titles and Spectator journal. This didn’t do sufficient to bend the federal government\u2019s will.<\/p>\n \n\tOne potential purchaser may now be GB News co-owner Paul Marshall<\/a>, who had additionally bid for the paper alongside a consortium of buyers together with U.S. billionaire Ken Griffin.<\/p>\n \n\tUK Culture Secretary Lucy Frazer, who had virulently opposed the deal, stated: \u201cThroughout this process I have raised concerns about the potential impact of this deal on free expression and accurate presentation of news, and I took steps to ensure that media freedom was protected while there was an investigation into those concerns. I will now allow the parties to conduct an orderly transition and I will monitor the outcome with a view to taking any further regulatory action as required under the Enterprise Act.\u201d<\/p>\n \n\tShe added that free press \u201cis a cornerstone of [UK] democracy, and we cannot take it for granted. That is why I used my powers as Culture Secretary to investigate this deal.\u201d<\/p>\n