RedBird Seeks UK Green Light for Telegraph Takeover
RedBird Capital Partners has requested approval from the UK government to acquire The Telegraph, with Abu Dhabi-backed IMI joining as a minority investor. The acquisition, valued at £500 million, aims to resolve ownership uncertainties amid challenges in digital journalism and political concerns on media independence.
On Friday, RedBird Capital Partners formally sought approval from the British government for its proposed acquisition of The Telegraph, according to an internal memo confirmed by Reuters. The move positions RedBird to take sole control of the newspaper in a transaction valued at £500 million, with Abu Dhabi-backed IMI participating as a minority shareholder.
The Telegraph's ownership has been unsettled since 2023 when IMI initially acquired the newspaper. Challenges arose when the government attempted to curb foreign state investments in British media, prompting a sale. RedBird expressed determination despite the hurdles facing journalism from AI, social media, and technological disruptions.
The Department of Culture, Media and Sport acknowledged receipt of RedBird's formal request but refrained from further comment. The revised deal emerges amidst debates over media independence and foreign influence. RedBird, with global assets worth around $12 billion, highlights investments in AC Milan, Skydance Media, and a pending Paramount Global merger.
(With inputs from agencies.)
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