The Government is set to announce plans to ban foreign states from owning British newspapers and news magazines, the PA news agency understands.
Ministers are expected to make a commitment on Wednesday to amend the Digital Markets Bill to prevent such takeovers, following pressure from peers.
The move has been prompted by concern about a potential takeover of The Daily Telegraph and The Spectator by Redbird IMI, an investment fund majority-owned by Sheikh Mansour bin Zayed Al Nahyan, vice president of the United Arab Emirates (UAE) and owner of Manchester City Football Club.
Peers were set to debate an amendment to the Bill proposed by Baroness Stowell, a former Conservative leader of the House of Lords, that would prevent foreign powers from acquiring UK news media organisations.
It is understood that the Government will commit to bringing in its own amendment that will effectively mirror that of Baroness Stowell when the Bill has its third reading in the Lords in late March, with details expected to be published as soon as next week.
The Government hopes that this will persuade Baroness Stowell to withdraw her amendment, which had received cross-party support.
The proposed takeover of The Daily Telegraph and The Spectator has also been subject to a separate investigation ordered by the Culture Secretary, Lucy Frazer, due to its possible impact on press freedom.
Regulators Ofcom and the Competition and Markets Authority submitted reports to Ms Frazer on Monday, with the minister now considering next steps.
Labour has also called for the acquisition to be blocked, with shadow culture secretary Thangam Debbonaire saying the party’s view “is that foreign governments should not own national newspapers.”