American investment company Redbird to purchase historic British newspaper The Telegraph

LONDON – RedBird Capital Partners, a U.S. investment firm, is leading a consortium that has agreed to purchase the publisher of the Daily Telegraph, a 170-year-old British newspaper, for approximately 500 million pounds ($674 million), as announced by both parties on Friday.

RedBird has confirmed the acquisition in principle to take over the Telegraph Media Group, bringing an end to a protracted period of negotiations for the right-leaning publication.

The sale signifies a new chapter for The Telegraph, according to Gerry Cardinale, the founder and managing partner of RedBird, who stated that they aim to enhance the brand’s presence in the United Kingdom and internationally, invest in its technological infrastructure, and broaden its subscriber reach.

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.”