A consortium led by US private equity group RedBird Capital Partners has struck a deal to acquire the Telegraph newspaper group in a deal that values the title at around £500m, bringing to an end a two-year period of ownership uncertainty.
The agreement marks a significant investment in UK print media and will likely lead to a new strategic direction for the 170-year-old news brand.
Under the acquisition, RedBird will take direct control of the Telegraph, after previous attempts to secure ownership through the Abu Dhabi-backed RedBird IMI vehicle were blocked by the UK government.
The government had intervened due to concerns over foreign state ownership of British newspapers, leading to new legislation to prevent such control. RedBird, which was a quarter funder of RedBird IMI, is now moving to assume sole control, with British media investors also expected to join the consortium.
Gerry Cardinale, founder and managing partner of RedBird, emphasised the company’s commitment to UK, stating that the acquisition is a crucial part of RedBird’s expanding portfolio of media and entertainment entities in the country.
The new owners have pledged substantial capital investment into the Telegraph‘s digital operations, subscriptions and journalism, aiming to expand its global reach — particularly in the US — and grow its subscriber base.
Anna Jones, CEO of Telegraph Media Group, expressed optimism, pointing to RedBird’s growth plans as a means to unlock the full potential of the business.
Dovid Efune, owner of The New York Sun, was previously in talks to buy the title but had not raised the required funds.
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