Nearly a third of Scotland's most-read national newspapers are owned in a US tax haven - and that proportion may soon rise to half, The Ferret can reveal.
As part of our Who Runs Scotland series, The Ferret analysed the ownership of the 21 national newspapers that adults in Scotland say they read - both in print and online - according to media regulator Ofcom's 2024 news survey.
We found that six titles are owned by companies incorporated in Delaware, US, where it is easy to set up corporate entities without disclosing the true owners.
The publishers behind four papers more are the target of a takeover bid involving an investment firm based in the tax haven state.
Not one of the seven companies that own the most-read Scottish titles are incorporated in Scotland.
Other than the six newspapers incorporated in Delaware, three are owned in Jersey, and 10 are owned in England, while the ownership of two more are in limbo. Media reform campaigners said Holyrood and Westminster must do more to prevent concentrated media ownership.
Tax campaigners claimed the Delaware-ownership of Scottish media created a risk of "tax abuse", and that secrecy provisions in the US state could allow anonymous owners to "subvert domestic politics" via their newspapers' content.
Who owns Scotland's papers?
Reach PLC publishes the most Scottish nationals - the Daily Record, Sunday Mail, Daily Star of Scotland, Scottish Daily Express and Scottish Sunday Express, as well as The Mirror and online publications including Glasgow Live and Edinburgh Live.
The London-based firm is chaired by Nicholas Prettejohn, who also chairs TSB Banking Group, and is an independent director of the polling firm, YouGov. Jim Mullen, Reach's chief executive, held senior roles at gambling firms and News International - which is now called News UK.
The London-based News UK publishes the Scottish Sun, Scottish Sun on Sunday, and the Scotland editions of The Times and Sunday Times. Chief executive Rebekah Brooks once edited The Sun, and the News of World tabloid, which ceased publication following a phone hacking scandal.
News UK's parent, News Corp, which is incorporated in Delaware, is owned by the family of billionaire media baron, Rupert Murdoch, and chaired by his son, Lachlan.
Also incorporated in Delaware is Gannett, which owns The Herald, Herald on Sunday, The National and the Sunday National, plus the Scottish Farmer and more than 20 Scottish locals including the Glasgow Times.
Its titles are published by Newsquest Media Group, which is headquartered in London and has a registered office in Newport, Wales.
Ownership of The Telegraph and Sunday Telegraph - both of which have Scotland editions - is in a state of limbo. The billionaire Barclay family agreed to pass ownership to a fund bankrolled by the United Arab Emirates' royal family after it paid off their debts.
But after the UK Government intervened to block ownership by a foreign state, the fund withdrew its bid.
A free and healthy democracy depends on a free and independent media.
A spokesperson for the Media Reform Coalition
In March, US businessman, Todd Boehly, and Northern Irish media mogul, David Montgomery, made a joint bid to buy the Telegraph titles and the Leeds-based National World, which owns The Scotsman, Scotland on Sunday and 19 Scottish locals including Edinburgh Evening News.
Boehly is acting via a media arm of his investment firm, Eldridge Industries, which is incorporated in Delaware. If his bid is successful, 50 per cent of Scotland's most-read newspapers would be at least partly owned in the US tax haven state.
Billionaire Lord Rothermere, another press baron, is a controller and executive director of the London-based Daily Mail and General Trust (DMGT). It owns the Scottish Daily Mail, Scottish Mail on Sunday and the Scottish editions of the Metro and the i Paper, via its DMG Media subsidiary.
Rothermere owns DMGT via the Jersey-registered Rothermere Continuation Limited, a company controlled via ...