The sale of the UK's Telegraph newspapers has been agreed, with US investment firm RedBird Capital set to pay £500 million for the titles.
RedBird was part of the RedBird IMI consortium that agreed to take control of the newspaper, founded in 1855, and its stablemate, The Spectator, in 2023. That deal was held up by regulatory and legislative manoeuvres that have now reached a resolution.
“We’re delighted with this announcement and know that The Telegraph has a bright future under the control of Gerry Cardinale and RedBird Capital,” said a spokesperson for IMI. “This will end the uncertainty that has been facing The Telegraph, secure its future and enable it to thrive and grow for years to come.”
IMI is the parent company of The National and has its headquarters in the UAE.
The UK government blocked the transfer of ownership until it had set a threshold for the degree of foreign state ownership of the press. The Conservatives accepted a backbench amendment requiring a cap last year.
The new owners have put forward a plan to increase capital investment into digital operations, subscriptions and journalism within a vision to grow the brand internationally.
“This transaction marks the start of a new era for The Telegraph as we look to grow the brand in the UK and internationally, invest in its technology and expand its subscriber base,” said Mr Cardinale, founder and managing partner of RedBird. “We believe that the UK is a great place to invest, and this acquisition is an important part of RedBird’s growing portfolio of media and entertainment companies in the UK.”
After its editorial operation became a protagonist in the sales process, The Telegraph management said on Friday that it welcomed moves to resolve its future.
“RedBird Capital Partners have exciting growth plans that build on our success and will unlock our full potential across the breadth of our business,” said Anna Jones, chief executive of Telegraph Media Group.
RedBird Capital Partners said it will be “the sole control owner” as it “unlocks a new era of growth for the title”. The paper has plans to celebrate its 170th anniversary next month. It is a Conservative-aligned title that was once the UK's top-selling broadsheet.
The US group added that it is in “discussions with select UK-based minority investors with print media expertise and strong commitment to upholding the editorial values” of the paper.
Proposed rules will allow foreign states to own as much as 15 per cent of key British newspapers. The change is designed to protect media plurality while helping struggling publishers “raise vital funding”, Culture Secretary Lisa Nandy said this month.
The Barclay family lost control of the Telegraph Media Group after almost two decades when Lloyds Banking Group intervened to secure more than £1.2 billion of overdue debt in 2023.
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Hometown: Birchgrove, Sydney Australia
Age: 59
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Favourite place in the UAE: Sheikh Zayed Grand Mosque / desert / Louvre Abu Dhabi
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Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
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Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
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