The battle for the Telegraph titles has been a story of high principle, low politics and raw commerce.
The proposed takeover by Abu Dhabi-backed RedBird-IMI, 75% financed by the UAE vice president Sheikh Mansour, was opposed on a clear point of media ethics; that British national newspapers should never be controlled by a foreign state.
It’s a principle on which journalists, politicians and readers on all sides might agree, but one that has been argued with particular vigour because of the Telegraph’s unique position in Conservative Britain.
The newspapers have long been considered the in-house journal of the party, while the Spectator is its most sophisticated forum for ideas.
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With the party fractured and preparing for an election it is forecast to lose, the pages of the Telegraph will have considerable influence over its future direction and leadership.
In that context, no deal was likely to pass without comment, but a takeover by a foreign state with a dismal record on media freedom (and fronted by a former CNN executive with a liberal reputation Jeff Zucker) was always likely to meet opposition.
The concerns of Tory grandees, led by former leader Lord Hague and a chorus of MPs and commentators, writing for the Telegraph and rivals who may yet benefit from the deal being blocked, proved impossible to ignore.
The government had hoped to settle the matter via the regulatory process and avoid a decision that has the capacity to offend otherwise-valued Gulf investors.
Sheikh Mansour’s money has been welcomed at other venerable British institutions, notably Manchester City, where it has turned the club into the best in the world and transformed east Manchester in the process.
The UAE also has a £10bn five-year investment agreement with the UK that has seen…
