Member

The noble Baroness, Lady Stowell, asked questions about the position of debt in the regime. This was considered in the consultation that ran from May to July 2025. Ordinarily, debt made at arm’s length would not result in control or influence over a newspaper. When the Secretary of State is considering whether a foreign state newspaper merger situation has arisen in a case involving debt instruments, she will need to consider the facts of the case, specifically whether the loan agreement enables the lender to exert influence over the newspaper enterprise’s policy. We will comprehensively cover the position of debt in the foreign state influence regime in our updated media merger regime guidance, which is due to be published in spring 2026. I look forward to future debates on that.