RedBird Capital Partners to Acquire the Daily Telegraph in £500 Million Deal

Economy

RedBird Capital Partners to Acquire the Daily Telegraph in £500 Million Deal

6 months ago

News sources:

REUTERS

INDIATIMES

ALJAZEERA

RedBird Capital Partners to Acquire the Daily Telegraph in £500 Million Deal

Credited from: REUTERS

RedBird Capital Partners agrees to buy the Daily Telegraph for £500 million ($674 million).
The acquisition signals a new era for the newspaper, focusing on growth and technology investment.
Previously owned by the Barclay family, the Telegraph was put up for sale to pay off debts.

A consortium led by RedBird Capital Partners has reached a deal to acquire Britain's Telegraph newspaper for approximately £500 million ($674 million). This acquisition will allow RedBird to become the controlling owner of the Telegraph Media Group, thus concluding a protracted takeover process for the conservative-leaning publication, according to Reuters and India Times.

The newspaper, over its 170-year history, has been closely linked to Britain's Conservative Party and was put up for sale by the Barclay family two years ago to settle debts. The acquisition marks a new chapter as RedBird plans to grow the brand both domestically and internationally, aiming to enhance technology investments and expand the subscriber base, as highlighted by India Times and Al Jazeera.

The deal entails that Abu Dhabi’s IMI will hold a minority stake of no more than 15% in the company as part of the acquisition group. Regulatory approvals are still needed for the deal to fortify its execution, following legal reforms in the UK aimed at restricting foreign state ownership in domestic media, according to Reuters and Al Jazeera.