Dubai tycoon said to be in talks on UK tabloid

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(Getty Images - for illustrative purposes only)

(Getty Images - for illustrative purposes only)

A Dubai-based tycoon is in talks to launch a new tabloid newspaper in the UK, according to a report in Britain.

Sky News reported that George Farha, who is in charge of one of the Gulf’s largest hospitality services firms, is holding talks with Phoenix Ventures to setup ‘News of the People’.

The title has deliberate overtones of News of the World, Sky News said, the tabloid that was shuttered amid the UK’s recent phone hacking scandal.

Any deal would see Phoenix, an investment vehicle that includes the ex editor of the Sunday Express, take over the running of Sunday People, a newspaper currently owned by publisher Trinity Mirror.

Trinity reportedly agreed to the deal in principle in January 2013, pending on Phoenix being able to secure the necessary funding.  Negotiations between Tycoon Farha and Phoenix are said to involve G&S, an investment fund backed by Farha.

Phoenix is also said to be holding talks with the owner of British professional rugby club Sale Sharks Brian Kennedy and football financier Keith Harris.

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Posted by: jonjon

isn't this a dieing industry? why invest into it? unless the publishing market in the uk and europe is healthy?

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