US investment firm Redbird agrees to buy Britain's venerable Telegraph newspaper
US investment firm Redbird agrees to buy Britain's venerable Telegraph newspaper (AP)
LONDON: A consortium led by US investment firm RedBird Capital Partners has agreed to buy the publisher of Britain's 170-year-old Daily Telegraph newspaper for about 500 million pounds ($674 million), the two sides said Friday.
Redbird said it has reached an agreement in principle to become controlling owner of the Telegraph Media Group, ending a lengthy takeover saga for the conservative-leaning newspaper.
Gerry Cardinale, founder and managing partner of RedBird, said the sale "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."
The group, previously owned by Britain's Barclay family, was put up for sale two years ago to help pay off the family's debts. It published the daily and Sunday Telegraph newspapers and weekly newsmagazine The Spectator, which all are closely allied to Britain's Conservative Party.
In 2023 there was an offer to buy the publications from RedBird IMI, a consortium backed by RedBird Capital Partners and Sheikh Mansour bin Zayed Al Nahyan, a member of Abu Dhabi's royal family and the vice president of the United Arab Emirates.
But the consortium pulled out last year following strong opposition from the UK government, which launched legislation to block foreign state ownership of the British press.
The Spectator was sold separately in September to British hedge fund investor Paul Marshall.
Telegraph Media Group chief executive Anna Jones said, "RedBird Capital Partners have exciting growth plans that build on our success - and will unlock our full potential across the breadth of our business."
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
2 hours ago
- Hindustan Times
UK expresses support for India's fight against cross-border terrorism
New Delhi: Prime Minister Narendra Modi and external affairs minister S Jaishankar reiterated India's 'zero tolerance' policy for terrorism and the need for decisive international action against terror and those who support it during meetings with British foreign secretary David Lammy on Saturday. Modi said India valued Britain's backing for the fight against cross-border terrorism while Jaishankar said India's partners should understand the 'zero tolerance' policy for terrorism as the country will never accept the perpetrators of terrorism being treated at par with victims. The remarks by the top Indian leadership, made against the backdrop of several countries hyphenating India and Pakistan during last month's military clashes, reiterated to the world community New Delhi's new approach to fighting cross-border terrorism backed by Islamabad. Britain's foreign office had said before Lammy's meeting with Indian interlocutors that he would address how the current peace between India and Pakistan can be supported for regional stability. Modi said in a social media post after meeting Lammy that he values 'UK's support for India's fight against cross-border terrorism'. He also appreciated Lammy's 'substantive contribution to the remarkable progress in our Comprehensive Strategic Partnership, further strengthened by the recently concluded FTA'. A statement from the external affairs ministry said Modi had 'underscored the need for a decisive international action against terrorism and those who support it' - an apparent reference to Pakistan. The two leaders discussed regional and global issues and Lammy 'strongly condemned the Pahalgam terror attack and expressed support for India's fight against cross-border terrorism', the statement said. Modi also expressed satisfaction at the conclusion of the free trade agreement (FTA) and the double contribution convention and expressed satisfaction at the deepening of the bilateral comprehensive strategic partnership. He welcomed continued collaboration under the Technology Security Initiative (TSI), especially its potential to 'shape trusted and secure innovation ecosystems'. Modi also reiterated his invitation to British Prime Minister Keir Starmer to visit India. Lammy arrived in New Delhi on Saturday morning for meetings to review the bilateral partnership, especially trade and strategic ties, a month after India and the UK finalised the FTA. Lammy had visited Pakistan shortly after New Delhi and Islamabad reached an understanding on halting military actions on May 10. In his opening remarks at the meeting with Lammy, Jaishankar thanked the UK government for the strong condemnation of the 'barbaric terrorist attack' in Pahalgam and its support to India in the fight against terror. 'We practice a policy of zero tolerance against terrorism and expect our partners to understand it, and we will never countenance perpetrators of evil being put at par with its victims,' he said. Lammy responded by referring to the 'horrific terrorist attack' and said Prime Minister Starmer had asked him to convey the 'deep condolences of the UK and a hand of friendship with India and support as we deal with the terrorism threat in a comprehensive manner'. Jaishankar described the finalisation of the FTA and double contribution convention as a milestone that will boost two-way trade and investment and have a 'positive effect on other strategic aspects' of bilateral relations, besides strengthening supply and value chains. He also referred to other significant initiatives that have seen progress, such as the TSI for deeper collaboration in strategic sectors such as AI, semiconductors, telecom, quantum computing, health technology, critical minerals and advanced materials. The TSI, coordinated by the national security advisers of India and the UK, was launched during Lammy's last visit to New Delhi in July 2024. 'We have also launched the Strategic Exports and Technology Cooperation Dialogue, the first meeting of which was held…this week. This will enhance, among others. the TSI's effectiveness in promoting trade in critical and emerging technologies, including the resolution of relevant licencing or regulatory issues,' Jaishankar said. The India-UK infrastructure financial bridge can unlock quality long-term capital flows from Britain to India and contribute to infrastructure development, and there is also good collaboration in the education sector with many UK universities planning to establish campuses in India, he said. Lammy described the finalisation of the FTA as Britain winning a 'trophy' and the beginning of a new era in bilateral ties since it is expected to increase will trade by £25.5 billion. He also conveyed the UK's interest in enhancing cooperation in key sectors such as trade, investment, defence and security, technology, innovation and clean energy. Lammy also met commerce minister Piyush Goyal and National Security Adviser Ajit Doval. A readout from Britain's foreign office said bolstering economic and migration ties and delivering growth opportunities for British businesses topped the agenda for Lammy's visit. Lammy also focused on the migration partnership, including 'work on safeguarding citizens and securing borders in both countries'. The readout added, 'Addressing migration remains a top priority for the government - the Foreign Secretary is focused on working internationally with global partners to secure the UK's borders at home.' Lammy's visit would also prepare the grounds for a visit by Starmer to India for the formal signing of the FTA. Both countries are currently involved in the legal scrubbing of the FTA, a process expected to be completed in three months. During 2023-24, India was the UK's second largest source of investments in terms of number of projects for the fifth consecutive year. India was the UK's 11th largest trading partner in 2024, accounting for 2.4% of total British trade, and two-way trade in goods and services was worth nearly $57 billion in 2024. The FTA is expected to increase bilateral trade by $34 billion a year from 2040. Within a decade of the deal being implemented, 85% of British products will become tariff-free in India. Indian tariffs on alcohol will be cut from 150% to 75%, falling to 40% by the 10th year of the deal. India will also cut automotive tariffs from more than 100% to 10%. The UK too has agreed to cut its tariffs and 99% of India's exports to Britain will face no duties.
Time of India
2 hours ago
- Time of India
PM Modi meets UK foreign secretary: Calls for united global action against terrorism; hails India-UK FTA potential
Prime Minister Narendra Modi on Saturday called for decisive global efforts to combat terrorism and those who enable it, during a meeting with visiting UK foreign secretary David Lammy. The talks took place amid strong British condemnation of the recent Pahalgam terror attack in Jammu and Kashmir. According to a statement from the Prime Minister's Office, Lammy 'strongly condemned' the attack and expressed the UK's firm support for India's fight against cross-border terrorism. PM Modi , in turn, underlined the need for the international community to act firmly and collectively. 'The UK Foreign Secretary strongly condemned the Pahalgam terror attack and expressed support for India's fight against cross-border terrorism,' the statement read. 'PM Modi underscored the need for decisive international action against terrorism and those who support it.' The two leaders also welcomed the successful conclusion of the long-pending India-UK Free Trade Agreement (FTA) and the double taxation avoidance convention. PM Modi appreciated the 'constructive engagement' from both sides in reaching the milestone. Lammy said the UK was keen to deepen cooperation across key sectors such as defence, security, trade, clean energy, technology and innovation. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 5 Books Warren Buffett Wants You to Read In 2025 Blinkist: Warren Buffett's Reading List Undo PM Modi also noted the growing strength of the India-UK Comprehensive Strategic Partnership and praised the ongoing collaboration under the technology security initiative, calling it a step toward building 'trusted and secure innovation ecosystems'. Lammy's visit comes at a time of heightened diplomatic outreach between New Delhi and London. During his two-day stay, he also held wide-ranging talks with external affairs minister S Jaishankar. The EAM also highlighted India's zero-tolerance policy on terrorism and urged global partners to recognise the clear divide between perpetrators and victims. 'India expects its partners to understand that we will never countenance the perpetrators of evil being equated with those they target,' Jaishankar said. Lammy's visit is aimed at reviewing key areas of the strategic partnership and building momentum for deeper cooperation in the post-Brexit and post-FTA landscape. PM Modi also extended his warm greetings to UK prime minister Sir Keir Starmer and renewed the invitation for him to visit India at the earliest mutual convenience.
New Indian Express
3 hours ago
- New Indian Express
India expects its global partners to fully respect its zero-tolerance policy on terrorism: EAM Jaishankar
NEW DELHI: India is practising a policy of "zero tolerance" against terrorism, and it will never countenance perpetrators of evil being put on par with its victims, External Affairs Minister S Jaishankar said on Saturday during wide-ranging talks with his British counterpart David Lammy. The remarks came amid unease in New Delhi over several countries hyphenating India and Pakistan following their four-day clashes last month. Lammy arrived in New Delhi this morning on a two-day visit to review various aspects of the strategic partnership between the two countries. In his televised opening remarks, Jaishankar also thanked the UK for its strong condemnation of the "barbaric" Pahalgam terror attack and London's support to New Delhi's fight against terrorism.
