A consortium led by US private equity firm RedBird Capital will buy Telegraph Media Group, the publisher of the UK's Daily and Sunday Telegraph newspapers, for £500 million (approximately US$675 million), ending a two-year acquisition saga.
Previously owned by the Barclay family, the conservative-leaning British news outlet was put up for sale amid significant debts.
RedBird originally attempted to acquire the Telegraph alongside International Media Investments (IMI), a group backed by Abu Dhabi’s royal family, but the deal was blocked by the UK government in 2023 over concerns about foreign state ownership of British media.
However, new regulations now permit foreign state investors to hold up to a 15% stake, allowing RedBird to move forward with the acquisition, with IMI taking a minority stake within the new limit.
RedBird said that it plans to invest in The Telegraph's digital operations, aiming to grow its subscriber base and expand its presence both in the UK and internationally, particularly in the US market, where RedBird already has media investments.
“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,” RedBird founder and managing partner Gerry Cardinale said in a statement.
“We have tremendous conviction in the growth potential of this incredibly important cultural institution.”