Friday newspaper round-up: Meta, Modella Capital, Network Plus

(Sharecast News) - Meta has launched a legal challenge against the UK's media regulator over the fees and fines regime it is enforcing under landmark digital safety legislation. The Facebook and Instagram owner is claiming that Ofcom's methodology for calculating the charges is flawed and should not be based on a company's global revenue. Breaches of the Online Safety Act can be punished by fines of up to 10% of qualifying worldwide revenue (QWR) or £18m - whichever is higher. - Guardian

The investment company that owns the former WH Smith high street stores is charging the retailer millions of pounds in licence fees for the right to use its widely derided TG Jones name, the Guardian can reveal. Modella Capital, which bought the chain from WH Smith's parent company last year, on Wednesday blamed weak consumer spending as it laid out a restructuring plan that could shut 150 of its 450 shops. It also said "the forced name change from WH Smith has also negatively impacted consumer awareness". - Guardian

Labour has been accused of creating a "hellscape" of red tape for housebuilders after drawing up stringent new rules for tower blocks. The housing department has proposed legislation requiring builders to install at least two evacuation lifts big enough to contain a wheelchair and an accompanying person in buildings taller than six storeys. - Telegraph

A pack of buyout firms has begun circling Network Plus, one of Britain's biggest utility services providers, as its Canadian owners eye a £1bn sale bonanza. Sky News understands that private equity firms, including Bain Capital and Bridgepoint, are among the prospective bidders exploring offers for Network Plus, which works with key infrastructure groups in sectors including water, gas and transport. - Sky News