A consortium led by U.S. investment firm RedBird Capital Partners has agreed to acquire the publisher of Britain’s 170-year-old Daily Telegraph newspaper for around £500 million ($674 million), both parties announced on Friday.
RedBird reached a preliminary agreement to become the majority owner of Telegraph Media Group, ending a prolonged takeover process for the conservative-leaning publication.
Gerry Cardinale, RedBird’s founder and managing partner, described the purchase as “the start of a new era for The Telegraph,” with plans to grow the brand domestically and internationally, invest in technology, and increase its subscriber base.
Previously owned by Britain’s Barclay family, the Telegraph group was put up for sale two years ago to help the family manage its debts. The group publishes the daily and Sunday editions of The Telegraph, as well as the weekly newsmagazine The Spectator, all known for their alignment with Britain’s Conservative Party.
In 2023, RedBird IMI—a consortium backed by RedBird Capital Partners and Sheikh Mansour bin Zayed Al Nahyan, a member of Abu Dhabi’s royal family and vice president of the UAE—made an offer to buy the publications. However, the consortium withdrew last year amid strong opposition from the UK government, which introduced legislation to block foreign state ownership of British media outlets.
Under the current agreement, Abu Dhabi’s IMI will hold a minority stake of no more than 15% in the Telegraph as part of the consortium. The sale is still subject to approval by British regulators.
RedBird also holds investments in sports teams like AC Milan and Liverpool FC’s parent company, as well as film production company Skydance.
Anna Jones, CEO of Telegraph Media Group, said RedBird has ambitious growth plans that will build on the company’s successes and unlock its full potential across its operations.
Meanwhile, The Spectator was sold separately in September to British hedge fund investor Paul Marshall.
