A group led by U.S. investment firm RedBird Capital Partners has agreed to buy the publisher of Britain’s 170-year-old Daily Telegraph newspaper for around 500 million pounds (\$674 million), both sides confirmed on Friday.
RedBird said it has made an initial agreement to take control of the Telegraph Media Group, ending a long process of trying to buy the conservative newspaper.
Gerry Cardinale, founder and managing partner of RedBird, said the deal “marks the start of a new era for The Telegraph as we look to grow the brand in the U.K. and internationally, invest in its technology and expand its subscriber base.”
The Telegraph group, which used to belong to Britain’s Barclay family, was put up for sale two years ago to help settle the family’s debts. It owns the Daily Telegraph, the Sunday Telegraph, and the weekly magazine The Spectator. All have strong ties to Britain’s Conservative Party.
In 2023, a consortium called RedBird IMI — backed by RedBird Capital and Sheikh Mansour bin Zayed Al Nahyan, a UAE royal and vice president — made an offer to buy the group.
Telegraph newspaperHowever, that offer was withdrawn last year after the U.K. government strongly opposed it and introduced laws to prevent foreign state ownership of British media.
As part of the new deal, Abu Dhabi’s IMI will hold a minority share of no more than 15% in the Telegraph as a part of the consortium. The sale still needs approval from U.K. regulators.
RedBird has other investments, including in soccer club AC Milan, the parent company of Liverpool FC, and Skydance, a film production firm.
Anna Jones, CEO of Telegraph Media Group, said, “RedBird Capital Partners have exciting growth plans that build on our success — and will unlock our full potential across the breadth of our business.”
The Spectator magazine was sold separately in September to British hedge fund investor Paul Marshall.
