Abu Dhabi’s IMI will take a minority stake within the firm of not more than 15 %.
A consortium led by US funding agency RedBird Capital Companions has agreed to purchase the writer of the UK’s 170-year-old Each day Telegraph newspaper for about $674m (500 million kilos).
Redbird stated it has reached an settlement in precept to turn out to be controlling proprietor of the Telegraph Media Group, ending a prolonged takeover saga for the conservative-leaning newspaper on Friday.
Gerry Cardinale, founder and managing associate of RedBird, stated 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 know-how and increase its subscriber base”.
The Telegraph group, beforehand owned by the UK’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 Each day and Sunday Telegraph newspapers and weekly newsmagazine The Spectator, which all are carefully allied to the UK’s Conservative Get together.
In 2023, there was an offer to buy 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 vp of the United Arab Emirates.
However 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.
Beneath 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 guardian firm of Liverpool soccer membership and movie manufacturing firm Skydance.
Telegraph Media Group chief government Anna Jones stated 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 in September to British hedge fund investor Paul Marshall.
