US investment firm Redbird agrees to buy Britain’s venerable Telegraph newspaper

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A consortium led by U.S. concern steadfast Redbird Capital Partners has agreed to bargain the steadfast of Britain’s 170-year-old Daily Telegraph paper for astir $674 million

LONDON -- A consortium led by U.S. concern steadfast RedBird Capital Partners has agreed to bargain the steadfast of Britain’s 170-year-old Daily Telegraph paper for astir 500 cardinal pounds ($674 million), the 2 sides said Friday.

Redbird said it has reached an statement successful rule to go controlling proprietor of the Telegraph Media Group, ending a lengthy takeover saga for the conservative-leaning newspaper.

Gerry Cardinale, laminitis and managing spouse of RedBird, said the merchantability “marks the commencement of a caller epoch for The Telegraph arsenic we look to turn the marque successful the U.K. and internationally, put successful its exertion and grow its subscriber base.”

The group, antecedently owned by Britain’s Barclay family, was enactment up for merchantability 2 years agone to assistance wage disconnected the family’s debts. It published the regular and Sunday Telegraph newspapers and play newsmagazine The Spectator, which each are intimately allied to Britain’s Conservative Party.

In 2023 determination was an offer to bargain the publications from RedBird IMI, a consortium backed by RedBird Capital Partners and Sheikh Mansour bin Zayed Al Nahyan, a subordinate of Abu Dhabi’s royal household and the vice president of the United Arab Emirates.

But the consortium pulled retired past twelvemonth pursuing beardown opposition from the U.K. government, which launched authorities to artifact overseas authorities ownership of the British press.

The Spectator was sold separately successful September to British hedge money capitalist Paul Marshall.

Telegraph Media Group main enforcement Anna Jones said, “RedBird Capital Partners person breathtaking maturation plans that physique connected our occurrence — and volition unlock our afloat imaginable crossed the breadth of our business.”