Private equity firm buys The Telegraph, ending two-year saga
The deal makes US-based RedBird the sole controlling owner of The Telegraph, the right-leaning British news outlet founded in 1855. Per the deal, RedBird will invest funds in The Telegraph's digital operations to help continue growing subscriptions and expand the outlet's foothold in the United States, where RedBird already has a constellation of media investments.
The deal comes after RedBird struggled for two years to acquire The Telegraph, stymied in large part by a conservative British government that restricted foreign governments from owning newspapers and capped foreign state-owned investment by a publisher at 15%. The UK's Labour Party, which swept into power in July 2024, announced last week that it would relax restrictions on foreign investment.
'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,' RedBird CEO Gerry Cardinale said in a statement.
Get Reliable Sources newsletter
Sign up here to receive Reliable Sources with Brian Stelter in your inbox. In January 2024, Jeff Zucker, the former CNN president, flew to London to pitch a takeover of the media company to Ofcom on behalf of RedBird IMI, where he is the chief executive.
The Telegraph went up for sale in 2023 after Lloyds Banking Group took control of unpaid debts from the Barclay family, which acquired the newspaper in 2004. The Barclay family regained control of the Telegraph in December 2023 with the help of a loan from RedBird IMI, an Abu Dhabi-backed joint venture. However, the British government blocked the transfer of ownership to RedBird.
The Friday deal avoided that rule by providing IMI only a minority share in the paper.
RedBird's focus on the US market comes as other British media outlets, including the BBC, The Guardian, and The Independent, have expanded their US coverage, often to great success. According to a May report, The Guardian grew its overall revenue by 25% on year, while The Independent in January reported a 75% year-over-year audience increase.
RedBird has major investments in media, entertainment, and sports in the UK. In 2024, the firm acquired All3Media, a British film and TV production and distribution company. The company also has a stake in the Premier League soccer club Liverpool and owns AC Milan in Italy's Serie A. RedBird will also acquire the UK's Channel 5 if Paramount Global's merger with Skydance is approved.
RedBird has also invested in Ben Affleck and Matt Damon's Artists Equity, LeBron James and Maverick Carter's SpringHill Company, the YES Network, and has helped Skydance finance several productions, including Amazon's 'Reacher' and Paramount's 'Top Gun: Maverick.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
3 minutes ago
- Yahoo
Police make six arrests at asylum hotel protest
Police made six arrests at a protest outside a hotel in London that has been used to house asylum seekers. Protesters gathered outside the Britannia International Hotel in Canary Wharf on Sunday afternoon, with some setting off pink flares and waving England flags. Some demonstrators carried a banner that said: 'We're not far right but we're not far wrong. Don't gamble with our lives. Stop the boats.' The Metropolitan Police said six arrests were made for breaching Section 14 Public Order conditions, possession of Class B drugs, and assaulting an emergency worker. In a post on X, the Metropolitan Police said: 'We have imposed conditions using Section 14 of the Public Order Act to prevent serious disruption at the protests in Canary Wharf. 'The group protesting against the use of the hotel by asylum seekers have been instructed to remain on the pavement opposite the Britannia Hotel.' The hotel has been the site of numerous anti-migrant protests in recent weeks.
Fox News
5 minutes ago
- Fox News
Secretary of State Marco Rubio accuses 'Face the Nation' host of pushing a 'stupid media narrative'
Secretary of State Marco Rubio clashed with CBS 'Face the Nation' host Margaret Brennan over Trump's handling of the war in Ukraine.
Motor 1
10 minutes ago
- Motor 1
Volkswagen Is Locking Horsepower Behind a Paywall
Automakers are embracing subscriptions whether customers like them or not, often pushing beyond what most of us find acceptable. BMW attempted to charge a monthly fee for heated seats, but users didn't bite . On the opposite end of the spectrum, Mercedes-Benz still offers Acceleration Increase for its EQ models, which initially cost $1,200 a year, and it's an idea that Volkswagen is borrowing for the electric ID.3 in the United Kingdom. Auto Express first reported that the automaker's consumer site in the UK market lists the ID.3 Pro and Pro S as only having 201 horsepower instead of the full 228-hp output. The fine print reads that owners can "activate the optional power upgrade for a fee." VW offers owners the option of a one-month free trial, a monthly or yearly subscription, or the ability to purchase it for the car's lifetime. Those costs are: £16.50 per month, £165 per year, or £649 outright, which is $22.36, $211.41, and $879,52, respectively, at today's exchange rate. It's an odd decision and one that doesn't make much financial sense for a buyer on a car that costs around $50,000 to start. The extra cost is small enough to be hidden in the MSRP, and something most people would likely be willing to pay upfront. But this paywall feels like an unnecessary hurdle designed to nickel-and-dime customers who might be leasing rather than buying. Automotive News Europe reported in late 2023 that more than 40 percent of new lease registrations in the UK were electric vehicles, so someone who only keeps the car for a few years might be able to save a few hundred dollars. Volkswagen ID.3 Interior It doesn't seem worth it, and thankfully VW isn't doing that in America, but it reveals where the industry stands and what it's thinking. Automakers are seeking new revenue streams during a complex and costly time in the industry, and a recurring income from thousands or millions of drivers is enticing. You'd think spending tens of thousands of dollars would guarantee you can purchase and fully own a complete vehicle, but that's no longer the case when software sits between the user and the actual hardware. Software licenses and end-user license agreements restrict ownership while the Digital Millennium Copyright Act dictates what a user can and cannot do with that license. In 2023, Mazda sent a cease-and-desist letter to a developer who had made integrations that connected Mazda vehicles to Home Assistant, an open-source home automation software. The automaker accused the developer of writing code that infringed on its 'copyright ownership,' which provided similar functionality to that offered by Mazda through its apps. While the DMCA allows owners to modify what they own, it's illegal to distribute the software or tools to do it, especially if it violates copyright, and today's cars are packed with copyrighted software. American automakers are already making the argument in court that customers don't fully own the vehicles they paid for, pointing to software and software licenses in their attempt to restrict right-to-repair laws. As automakers embed more software into cars, EVs or ICE, it will make paywalling horsepower, safety features, or access to other hardware features even easier because you can't own someone else's copyrighted code, and VW's UK experiment should be a red alert for car buyers everywhere. Too Many Subscriptions: The New Audi A3 Is Amess With In-Car Subscriptions [Update] Mazda Now Requires Monthly Subscription for Remote Start Stay informed with our newsletter every weekday back Sign up For more information, read our Privacy Policy and Terms of Use . Sources: Auto Express , Automotive News , Ars Technica , Volkswagen UK Share this Story Facebook X LinkedIn Flipboard Reddit WhatsApp E-Mail Got a tip for us? Email: tips@ Join the conversation ( )
