Media Confidential Why the US treasury secretary thinks the FT has become ‘tabloid trash’
Apr 2, 2026
Investigates concerns about potential foreign influence in a major paper and shrinking digital subscriptions. Discusses a high-profile clash between a US treasury official and a national business paper. Debates Ofcom leadership choices and impartiality questions for broadcasters. Covers a sudden BBC presenter exit and tributes to journalists killed covering Middle East conflicts.
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Observer's Ambitious Subscription Targets Look Unlikely
- The Observer's projected digital subscription targets looked unrealistically high compared with early numbers.
- Lionel Barber cites a fundraising deck showing ~3,500 January subscribers versus a 2029 target near 173,000, making the growth path steep.
Cadwalladr Flags Possible Saudi Link To The Observer
- Carole Cadwalladr suggested a holding company on The Observer's share register may obscure Saudi-linked ownership.
- Lionel Barber warns careful wording is needed when implying links to the Saudi crown prince via opaque holding companies.
US Treasury Secretary's Public Attack On The Financial Times
- US Treasury Secretary Scott Bessent launched an unusually vitriolic public attack accusing the Financial Times of "manufacturing" stories about him.
- Lionel Barber defends FT reporting standards, noting the story was caveated, sourced to market participants, and followed by other major FT scoops on related US officials.