Telegraph sale 'agreed in principle' after two-year ownership impasse
A £500m deal to end the two-year ownership impasse at the Daily Telegraph has been agreed "in principle", it has been announced.
A consortium led by US firm Redbird Capital was set to take control of Telegraph Media Group (TMG), with state-backed Abu Dhabi investment vehicle IMI among the investors.
The pair's original joint venture, known as RedBird IMI, had originally agreed to buy the Telegraph titles in 2023.
But prospects for a deal were held up by the previous Conservative government's subsequent ban on foreign state ownership of UK newspapers.
Money latest:
That ban was based on fears around editorial independence, but the rules were relaxed earlier this month by the current government which said a holding of up to 15% was acceptable.
It is understood that UK-based media investors would be among the proposed owners within the consortium.
Sky News reported on Monday that the Daily Mail's owner had been in talks over involvement.
The Telegraph newspaper itself reported that regulatory hurdles remained - a factor that could yet scupper completion of the deal.
Anna Jones, TMG chief executive, said: "Telegraph Media Group is an award-winning news media organisation, with exceptional journalism at its heart, supported by leading commercial expertise, a commitment to innovation and a laser focus on data to drive strategy.
"RedBird Capital Partners have exciting growth plans that build on our success - and will unlock our full potential across the breadth of our business."
RedBird, whose other UK interests include a 10% stake in the US group behind Liverpool FC, said its growth strategy would include "capital investment in digital operations, subscriptions and journalism".
Its statement continued: "RedBird will build on the strong financial foundations established by the current management team and will work with them to grow the brand internationally, with a focus on the United States where RedBird has a strong strategic presence across news, media and sports.
"Together, RedBird and TMG senior leadership will work to develop new content verticals in areas such as travel and events to maximise the commercial opportunities from a growing international and mass affluent subscriber base."
Redbird founder Gerry Cardinale added: "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.
"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."
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
26 minutes ago
- Bloomberg
BBVA Plans to Set Up Abu Dhabi Branch for Its Investment Bank
BBVA SA is preparing to expand its presence in Abu Dhabi as it seeks to grow its corporate and investment banking business in the region. Spain's second-largest lender aims to transform its current representative office in the emirate into a fully-fledged banking branch for its CIB unit, people with knowledge of the plans said. A spokesperson for the lender declined to comment.
Yahoo
36 minutes ago
- Yahoo
DJH acquires West Midlands accountancy firm Nicklin
DJH, a UK-based finance and business advisory group, has acquired Halesowen-based accountancy practice Nicklin. Financial terms of the acquisition were not disclosed. The move is part of DJH's strategy to become one of the UK's top 20 accountancy firms. The acquisition strengthens DJH's presence in the West Midlands, where it already operates offices in Walsall and its head office in Stoke-on-Trent. Nicklin, with a 90-year history, joins DJH's network of 13 offices across the UK, including Huddersfield, Leeds, and Sheffield. The deal increases DJH's regional headcount to 230. The group offers audit, tax, accounting, and specialist advisory services. DJH CEO Scott Heath said: 'We are firmly committed to supporting businesses in the West Midlands, so – when the opportunity came up to partner with one of the Black Country's most respected and longest-standing firms – we jumped at the chance. 'Continuity is extremely important to us, with members of the senior leadership team agreeing to stay on to lead Nicklin in this exciting next chapter of its story.' The transaction marks the sixth collaboration between DJH and Tenzing since 2022. Tenzing Investment lead Matt Nicholsonat said: 'Scott and the team at DJH are building a strong business and I'm delighted the Nicklin team have chosen to join us all on the journey. 'The West Midlands is a key region for DJH so partnering with such a strong and respected business is really exciting.' "DJH acquires West Midlands accountancy firm Nicklin" was originally created and published by International Accounting Bulletin, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
an hour ago
- Associated Press
Doris Meister, Former Chair & CEO of Wilmington Trust, Joins Board of Emissary Partners
LONDON--(BUSINESS WIRE)--Jun 10, 2025-- Emissary Partners, the premier advisor for family offices on global special situations, announced the appointment of Doris P. Meister to its Board of Directors. A highly respected leader in the family office and wealth management industry, including most recently serving as Chair and CEO of Wilmington Trust, Meister will advise the Emissary management team on the firm's growth within the U.S. family office market, business strategy, corporate governance, and advise key client relationships. From 2016-2024, Meister served as Chair and CEO of Wilmington Trust, the U.S. wealth manager with over $180 billion in assets under management and administration. During her tenure, she led a comprehensive transformation of the wealth and investment management business, achieving a 40% increase in revenues and significantly expanding profitability. 'Doris is a titan of the wealth management and family office worlds,' said Matthew L. McGrath, Founder and Managing Director of Emissary Partners. 'We are thrilled to have her on board to help guide the next phase of our international growth.' Ms. Meister added, 'I have been impressed with the vision of the Emissary Partners team, recognizing a major unmet need in the global family office industry and building an innovative model so aligned with its clients. I look forward to helping the firm continue to expand, both in the US and internationally.' Earlier in her career, Meister held senior leadership positions including Co-President of U.S. Markets for BNY Mellon Wealth Management, Managing Director for the New York office of Bernstein Global Wealth Management, founder and leader of the Private Banking and Investment Group at Merrill Lynch, and as a strategy consultant at McKinsey & Company. Recognized as one of The Most Powerful Women in Finance by American Banker and Top 100 Women in Finance by Barron's, Meister serves on the Board of Directors of AssetMark and Composition Wealth, and as Executive Chair of RWA Wealth Partners. She also serves on the Advisory Board of the Ultra High Net Worth Institute and Supernova. She resides in Palm Beach, Florida, and East Hampton, New York. Her appointment follows the November 2024 announcement of Andrew T. Clarke, former General Counsel of ExxonMobil International and a leader in the global dispute resolution industry, as Chairman of Emissary Partners, and J. Peter Donald as Principal. [ Crain Currency ] Background on Emissary Partners: Emissary Partners is a global special situations firm for family offices, helping clients manage legacy assets and special situations. The first mover in its space, Emissary Partners helps family offices manage and exit challenging cross-border private investments, typically constituting 5-8% of a family office portfolio, and worth at least $250 billion globally across the industry. Founded in 2019 by Matthew L. McGrath, formerly of the Albright Stonebridge Group and White House (Office of the Vice President), the firm helps family offices better understand their legacy assets, create real options for resolution, and execute plans for exit. Emissary serves clients across the United States, Europe, the Middle East, and Asia, with a network of over 250 family offices globally. Its team is headquartered in the United Kingdom, with plans to expand in the United States and the Middle East. More information on the firm can be found at View source version on CONTACT: For media inquiries: Hayley Gray Senior Associate, Arena Advisory Group [email protected] KEYWORD: UNITED KINGDOM EUROPE INDUSTRY KEYWORD: ASSET MANAGEMENT PROFESSIONAL SERVICES FINANCE SOURCE: Emissary Partners Copyright Business Wire 2025. PUB: 06/10/2025 11:41 AM/DISC: 06/10/2025 11:40 AM
