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Redbird said it has reached an agreement in principle to become
controlling owner of the Telegraph Media Group, ending a lengthy
takeover saga for the conservative-leaning newspaper.
Gerry Cardinale, founder and managing partner of RedBird, said
the sale “marks the start of a new era for The Telegraph as we
look to grow the brand in the U.K. and internationally, invest
in its technology and expand its subscriber base.”
The group, previously owned by Britain’s Barclay family, was put
up for sale two years ago to help pay off the family’s debts. It
published the daily and Sunday Telegraph newspapers and weekly
newsmagazine The Spectator, which all are closely allied to
Britain’s Conservative Party.
In 2023 there was an offer to buy the publications from 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 the vice president of the United Arab Emirates.
But the consortium pulled out last year following strong
opposition from the U.K. government, which launched legislation
to block foreign state ownership of the British press.
The Spectator was sold separately in September to British hedge
fund investor Paul Marshall.
Telegraph Media Group chief executive Anna Jones said, “RedBird
Capital Partners have exciting growth plans that build on our
success — and will unlock our full potential across the breadth
of our business.”
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