British right-wing newspaper The Telegraph has reached an “in-principle agreement” to be acquired by US investment firm RedBird Capital Partners, concluding a two-year-long ownership battle that saw government intervention over concerns about press freedom.
The $670 million (£500 million) deal was announced Friday in a joint statement by RedBird and The Telegraph Media Group (TMG), which includes both the historic newspaper’s print and digital operations. The transaction marks a major step forward for the 170-year-old publication, founded in 1855.
The sale resolves a drawn-out ownership struggle that began after RedBird IMI—a U.S.-Emirati consortium involving RedBird Capital—first struck a deal for TMG in late 2023. The acquisition, however, faced a setback when the then-Conservative UK government raised concerns over press freedoms, citing Abu Dhabi’s track record on censorship, and initiated a forced resale process.
Now, RedBird Capital Partners will assume full control. In a statement, the U.S. investment firm said the new deal makes it “the sole control owner” and “unlocks a new era of growth for the title”.
“RedBird’s growth strategy will include capital investment in digital operations, subscriptions and journalism as it looks to expand The Telegraph internationally,” the company stated.
To ensure alignment with British media traditions and values, RedBird also confirmed ongoing talks with “select UK-based minority investors with print media expertise and strong commitment to upholding the editorial values of” The Telegraph.
The deal coincides with the recently improved diplomatic and trade ties between the UK and U.S. under Labour Prime Minister Keir Starmer, who maintains an unexpectedly warm relationship with U.S. President Donald Trump, despite the latter’s record of imposing trade tariffs.
‘Cultural Institution’
RedBird’s founder and managing partner Gerry Cardinale expressed optimism about the future of British media investments and the strategic value of The Telegraph:
“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,” he said.
“RedBird has tremendous conviction in the growth potential of this incredibly important cultural institution.”
TMG CEO Anna Jones echoed this sentiment, welcoming the opportunities the acquisition brings: “RedBird Capital Partners have exciting growth plans that build on our success.”
“RedBird will unlock” The Telegraph’s ‘full potential.”
The new owners plan to broaden the paper’s reach, particularly targeting growth in the United States. The firm detailed its strategic focus:
“RedBird’s growth strategy will include capital investment in… digital operations to continue driving subscriptions, using best-in-class data analytics and artificial intelligence tools.”
In a related move last year, TMG sold its sister publication, the right-leaning magazine The Spectator, to hedge fund manager Paul Marshall for £100 million.
Separately, at the close of 2024, The Observer—the world’s oldest Sunday newspaper—was sold by the Guardian Media Group to digital news platform Tortoise Media, known for its investigative reporting and podcasts, branding itself as offering “not breaking news but what’s driving the news.”
— AFP
