The publisher of the 170-year-old Daily Telegraph newspaper in the United Kingdom has agreed to pay about $674 million (500 million pounds) to a consortium led by US investment firm RedBird Capital Partners.
Redbird announced on Friday that it had reached a definitive agreement to become the Telegraph Media Group’s controlling shareholder, ending the conservative-leaning newspaper’s lengthy takeover saga.
The sale, according to Gerry Cardinale, the founder and managing partner of RedBird, “beginns 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.”
The Barclay family’s former home, The Telegraph Group, was sold two years ago to pay the family’s debts. The Spectator, a weekly newsmagazine and the Daily and Sunday Telegraph, are all closely related to the UK’s Conservative Party.
Sheikh Mansour bin Zayed Al Nahyan, a member of Abu Dhabi’s royal family and vice president of the United Arab Emirates, was the recipient of an offer to purchase the publications in 2023.
The UK government, which introduced legislation to enact laws to restrict foreign government ownership of the British press, led to the consortium’s withdrawal last year.
IMI, an affiliate of Abu Dhabi, will become a consortium member with a minority stake of no more than 15% in the Telegraph. British authorities must approve the sale.
RedBird has invested in the football team AC Milan, the parent company of the Liverpool football team, and Skydance, a film production company.
“RedBird Capital Partners have exciting growth plans that build on our success,” according to Telegraph Media Group CEO Anna Jones, who also will unlock our full potential across the breadth of our business.
Source: Aljazeera
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