U.S. Investment Giant To Buy Britain’s Telegraph Newspaper For $674 Million
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AC Milan owner Gerry Cardinale attends the team’s match against AS Roma on April 11, 2024 in Milan, … More Italy. AC Milan via Getty Images Redbird Capital Partners has reached an agreement to acquire The Telegraph, one of Britain’s oldest and most influential newspapers, in a £500 million ($674 million) deal. The Conservative-leaning newspaper had been the subject of a two-year takeover saga that began when The Telegraph and The Spectator magazine were seized by Lloyds bank after the Barclay family failed to repay debts of more than £1 billion. Redbird IMI, a joint venture between Redbird Capital and United Arab Emirates-based International Media Investments, effectively gained control of the titles in 2023, after providing a £600 million loan to the Barclay family. But the Conservative government at the time blocked the acquisition by adopting new regulations preventing foreign states from taking ownership of the press. Redbird Capital said Friday that it would become the “sole control owner” of The Telegraph, and the firm is in talks with U.K.-based investors about joining the group as minority shareholders. Redbird Capitals also said IMI will participate as a minority investor subject to ongoing legislation on foreign ownership. IMI is controlled by Sheikh Mansour bin Zayed Al Nahyan, the vice-president of the UAE and owner of Manchester City football club. Last week, the current Labour government announced plans to allow foreign states to own up to 15% of British newspapers. Culture Secretary Lisa Nandy said the change will limit the scope for foreign state control or influence of news organizations while still providing greater flexibility in seeking investment that supports their long-term sustainability. Other media owners were reportedly in talks to acquire The Telegraph, including the British-born owner of The New York Sun, Dovid Efune, who was still seeking support for his…
Filed under: News - @ May 23, 2025 8:26 pm