US investment firm RedBird Capital has withdrawn its proposed £500 million (US$660 million) takeover of Britain’s 170-year-old conservative-leaning Daily Telegraph newspaper.
RedBird, which had been leading a consortium to acquire the Telegraph Media Group, had reached an in-principle agreement earlier this year to become the controlling owner of the publisher of the Daily and Sunday Telegraphs.
In a statement on Friday, the firm said it was stepping back due to prolonged delays and opposition to the deal, but added it remained confident in the newspaper’s prospects.
“We remain fully confident that the Telegraph and its world-class team have a bright future ahead of them, and we will work hard to help secure a solution which is in the best interests of employees and readers,” RedBird said in a statement.
RedBird’s withdrawal follows a multi-year takeover process marked by regulatory scrutiny and government restrictions on foreign ownership of British media.
With RedBird withdrawing its bid, the future ownership of the Telegraph remains uncertain. The firm indicated it intends to help identify an alternative buyer to support the publication.