LONDON: U.S. private equity firm RedBird Capital Partners has reached an agreement in principle to acquire The Telegraph for £500 million, the company announced Friday, ending two years of uncertainty over the future of the British newspaper.
The deal would make RedBird the sole controlling owner of The Telegraph, acquiring the stake currently held by RedBird IMI, a joint venture previously blocked from full ownership due to U.K. restrictions on foreign state influence in media.
The agreement follows a prolonged saga stemming from the financial collapse of the Barclay family’s ownership and a subsequent government crackdown on foreign control of U.K. media assets, which had derailed an earlier acquisition attempt by UAE-backed RedBird IMI.
Under the revised structure, the UAE’s International Media Investments would retain a minority stake of up to 15%, the maximum allowed under updated U.K. regulations.
RedBird founder Gerry Cardinale described the acquisition as the start of a new era for The Telegraph, outlining plans to expand its digital operations, invest in AI-driven subscriber growth, and build a stronger presence in the U.S.
The firm is also in discussions with British media investors, including Lord Rothermere’s DMGT, about potential minority stakes to bolster domestic involvement and address competition concerns.
Regulatory approval remains a hurdle, with the deal subject to scrutiny from the Competition and Markets Authority and a public interest review by Culture Secretary Lisa Nandy.
A rival bid led by New York Sun publisher Dovid Efune is still on the table, but lacks confirmed funding and is widely seen as unlikely to succeed.
Telegraph Media Group executives welcomed the news, with editor Chris Evans and CEO Anna Jones voicing support for RedBird’s vision and financial backing.