Redbird Capital Partners to Acquire Daily Telegraph Publisher

LONDON (AP) – A group led by the US investment firm Redbird Capital Partners has reached an agreement to purchase the publisher of the Daily Telegraph, a prominent UK newspaper with a history spanning 170 years, for approximately £500 million (around $674 million).

Redbird announced that they have, in principle, finalized their agreement to take ownership of the Telegraph Media Group, which is associated with conservative publications.

Gerry Cardinale, the founder and managing partner at Redbird, noted that the sale will lead to investments in technology and efforts to grow its subscriber base, signifying the start of a new chapter for the Telegraph, particularly aimed at enhancing its international presence.

The Telegraph Media Group was previously owned by the Berkeley family in the UK, who placed it on the market two years ago to address their financial obligations. The group publishes both a daily and a Sunday edition of the Telegraph, along with a weekly magazine called Audience.

In 2023, there was an attempt to purchase the publications by a consortium involving Sheikh Mansour bin Zayed Al Nahyan from the Abu Dhabi royal family. However, this consortium withdrew last year due to significant opposition from the British government, which proposed legislation to prevent foreign state ownership of UK media.

As part of the current deal, IMI, affiliated with Abu Dhabi’s Sheikh Mansour, will acquire a minority stake of less than 15% in the Telegraph. The transaction is subject to approval by UK regulators.

Redbird has also invested in various entities, including the soccer club AC Milan, the parent organization of Liverpool Football Club, and the film production company Skydance.

Anna Jones, CEO of the Telegraph Media Group, expressed excitement over the growth strategy tied to their past successes.

It’s worth noting that in September, the audience was also affected by separate sales involving Paul Marshall, an investor at a UK hedge fund.