By AP with Indrabati Lahiri
Revealed on
A consortium led by US funding agency RedBird Capital Companions has agreed to purchase the writer of Britain’s 170-year-old Every day Telegraph newspaper for about £500 million (€595.5m), the 2 sides mentioned on Friday.
RedBird mentioned it has reached an settlement in precept to change into the controlling proprietor of the Telegraph Media Group, ending a prolonged takeover saga for the conservative-leaning newspaper.
Gerry Cardinale, founder and managing associate of RedBird, mentioned the sale “marks the beginning of a brand new period for The Telegraph, as we glance to develop the model within the UK and internationally, spend money on its expertise and increase its subscriber base.”
The Telegraph group, beforehand owned by Britain’s Barclay household, was put up on the market two years in the past to assist repay the household’s money owed. It publishes the day by day and Sunday Telegraph newspapers and weekly newsmagazine The Spectator, that are all carefully allied to Britain’s Conservative Celebration.
In 2023, there was a suggestion to purchase the publications from RedBird IMI, a consortium backed by RedBird Capital Companions and Sheikh Mansour bin Zayed Al Nahyan, a member of Abu Dhabi’s royal household and the vice chairman of the United Arab Emirates.
Nonetheless, the consortium pulled out final 12 months following robust opposition from the UK authorities, which launched laws to dam overseas state possession of the British press.
Below the deal, Abu Dhabi’s IMI will take a minority stake of no more than 15% within the Telegraph as a member of the consortium. The sale should be accepted by British regulators.
RedBird has investments in soccer crew AC Milan, the mother or father firm of Liverpool soccer membership and movie manufacturing firm Skydance.
Telegraph Media Group chief govt Anna Jones mentioned that “RedBird Capital Companions have thrilling development plans that construct on our success — and can unlock our full potential throughout the breadth of our enterprise.”
The Spectator was bought individually in September to British hedge fund investor Paul Marshall.