U.S. firm RedBird Capital reaches deal to purchase Britain's Telegraph Media Group
May 23 (UPI) -- The American RedBird Capital Partners private investment firm announced a deal Friday to purchase the British Telegraph Media Group.
RedBird will pay $675 million to become the sole owner of the group, which owns The Daily Telegraph and Sunday Telegraph newspapers.
"This transaction marks the start of a new era for The Telegraph as we look to grow the brand in the U.K. and internationally, invest in its technology and expand its subscriber base," RedBird Founder and Managing Partner Gerry Cardinale said.
RedBird said it aims to expand TMG's presence in the United States and add new verticals such as events and travel to "maximize the commercial opportunities from a growing international and mass affluent subscriber base."
"Telegraph Media Group is an award-winning news media organization, with exceptional journalism at its heart, supported by leading commercial expertise, a commitment to innovation and a laser focus on data to drive strategy," TMG CEO 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.
RedBird's deal to purchase TMG must still undergo regulatory approval after a previous bid by United Arab Emirates Vice President Sheikh Mansour bin Zayed Al Nahyan was rejected by Britain's last government.
RedBird previously joined with Mansour's IMI Media Group to purchase the newspapers after they were seized for outstanding debts, seekign to curtail an auction of the assets by the Barclay family.
The government, however, rejected the deal that would have seen IMI take majority ownership of the papers and passed a law barring foreign governments from owning British print media.
If approved, TMG would join other acquisitions of Redbird, which include Skydance Media, which is expected to merge with Paramount, as well as sports-focused broadcasters such as Fenway Sports Group and the YES Network, plus Formula One's Alpine Racing team. It also owns the Italian professional football club AC Milan.
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