RedBird Capital-led group strikes deal to buy UK's Telegraph
The Daily Telegraph's ownership has raised questions about media independence and foreign states buying political influence. (EPA Images pic)
LONDON : A transatlantic consortium led by RedBird Capital Partners has struck a deal to buy Britain's The Daily Telegraph newspaper, the title reported on Friday, spending £500 million (US$673 million) to secure control.
The ownership of the right-leaning broadsheet has been in flux after the Abu Dhabi-backed RedBird IMI bought the Telegraph titles and the Spectator magazine in 2023, before Britain's then government moved to ban foreign state investment in British newspapers, forcing it to sell.
The Telegraph said on Friday that the US private equity firm RedBird Capital, which provided a quarter of RedBird IMI's funding, is moving to take direct control and is expected to be joined in the ownership group by British media investors.
The ownership of the Telegraph, one of Britain's best known newspapers which strongly backed the country's vote to leave the European Union, has raised questions about the independence of the media and foreign states buying political influence.
Britain's previous Conservative government last year banned foreign state investment in British newspapers, blocking RedBird IMI, run by former CNN boss Jeff Zucker and with the majority of its funding from Abu Dhabi, from owning the Telegraph.
However, the Labour government said earlier this month that it proposed to allow foreign state-owned investors to own up to 15% of British newspaper publishers.
The Telegraph said no final agreements were in place and regulatory hurdles would loom.
'We believe 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,' Gerry Cardinale, the founder of the US private equity firm, was quoted by the newspaper as saying.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
43 minutes ago
- New Straits Times
UK's King Charles 'desperately shocked' by India air crash
LONDON: The UK's King Charles III said he was "desperately shocked" by Thursday's air crash in India, sending "prayers and deepest possible sympathies" to the families of those affected. "My wife and I have been desperately shocked by the terrible events in Ahmedabad this morning," the monarch wrote on Instagram, calling it a "heartbreaking and traumatic time." Charles is the head of the Commonwealth, a voluntary association of 56 countries including India. UK Prime Minister Keir Starmer said in a statement that the "scenes emerging of a London-bound plane carrying many British nationals crashing in the Indian city of Ahmedabad are devastating." "My thoughts are with the passengers and their families at this deeply distressing time," he added. Air India said the 242 passengers and crew on board the Boeing 787-8, none of whom are believed to have survived, included 53 British nationals. UK foreign minister David Lammy wrote on X that he was "deeply saddened by news of a devastating plane crash in Ahmedabad." "My thoughts are with all those affected," he added. "The UK is working with local authorities in India to urgently establish the facts and provide support."
The Sun
an hour ago
- The Sun
Pakistan ‘saddened' by deadly plane crash in India: FM
ISLAMABAD: Pakistani Foreign Minister Ishaq Dar said Thursday he was 'saddened' by a plane crash in neighbouring India, where all 242 people on board an Air India flight are believed killed. 'Condolences over the loss of precious lives in this tragic incident. Our sympathies are with the families of the victims in this hour of grief,' Dar, who also serves as deputy prime minister, said on social media platform X. Air India's London-bound flight crashed into a residential area in the city of Ahmedabad immediately after takeoff. Pakistani Prime Minister Shehbaz Sharif described the crash as a 'heartbreaking tragedy'. 'We extend our condolences to the families of the victims grieving this immense loss,' he wrote on X. India and its arch-rival Pakistan fought a four-day conflict last month in which 70 people were killed, their worst standoff since 1999.
Borneo Post
an hour ago
- Borneo Post
PM Anwar conveys condolences over crash of Air India flight
Firefighters work at the site where Air India flight 171 crashed in a residential area near the airport in Ahmedabad today – AFP photo KUALA LUMPUR (June 12): Prime Minister Datuk Seri Anwar Ibrahim has conveyed his condolences to the families and friends of all those affected by the crash of Air India Flight 171 near Ahmedabad, India. 'I was deeply distressed to learn of the tragic crash of Air India Flight 171 near Ahmedabad. On behalf of the government and people of Malaysia, I extend our heartfelt condolences to the families and loved ones of all those affected. 'We share in India's sorrow and stand in full solidarity as relief efforts continue. Our thoughts and prayers are with the victims and with everyone mourning this terrible loss,' he said in a Facebook post today. The London-bound flight, carrying 242 people, including 12 crew members, crashed today shortly after taking off from Ahmedabad airport in the western state of Gujarat. Wisma Putra confirmed that no Malaysians were onboard. – Bernama Ahmedabad Air India anwar ibrahim condolences crashed lead
