Latest news with #JeffZucker
Yahoo
23-05-2025
- Business
- Yahoo
Private equity firm buys The Telegraph, ending two-year sale saga
RedBird Capital Partners announced on Friday that it has purchased Telegraph Media Group for £500 million (nearly $675 million), concluding a protracted bid to acquire the news company. 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. 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.' 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
CNN
23-05-2025
- Business
- CNN
Private equity firm buys The Telegraph, ending two-year saga
RedBird Capital Partners announced on Friday that it has purchased Telegraph Media Group for £500 million (nearly $675 million), concluding a protracted bid to acquire the news company. 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.'
CNN
23-05-2025
- Business
- CNN
Private equity firm buys The Telegraph, ending two-year saga
RedBird Capital Partners announced on Friday that it has purchased Telegraph Media Group for £500 million (nearly $675 million), concluding a protracted bid to acquire the news company. 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.'
The Advertiser
23-05-2025
- Business
- The Advertiser
RedBird Capital-led group agrees to buy UK's Telegraph
A trans-Atlantic consortium led by RedBird Capital Partners has struck a deal to buy Britain's Telegraph newspaper, the title says, spending Stg500 million ($A1 billion) 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 the US private equity firm RedBird Capital, which provided a quarter of RedBird IMI's funding, was moving to take direct control and was 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 in 2024 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 in May that it proposed to allow foreign state-owned investors to own up to 15 per cent 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. A trans-Atlantic consortium led by RedBird Capital Partners has struck a deal to buy Britain's Telegraph newspaper, the title says, spending Stg500 million ($A1 billion) to secure control. The ownership of the right-leaning broadsheet has been in flux after the Abu Dhabi-backed RedBird IMI bought the Telegraph titles and the Spectator magazine in 2023, before Britain's then government moved to ban foreign state investment in British newspapers, forcing it to sell. The Telegraph said on Friday the US private equity firm RedBird Capital, which provided a quarter of RedBird IMI's funding, was moving to take direct control and was expected to be joined in the ownership group by British media investors. The ownership of the Telegraph, one of Britain's best known newspapers which strongly backed the country's vote to leave the European Union, has raised questions about the independence of the media and foreign states buying political influence. Britain's previous Conservative government in 2024 banned foreign state investment in British newspapers, blocking RedBird IMI, run by former CNN boss Jeff Zucker and with the majority of its funding from Abu Dhabi, from owning the Telegraph. However, the Labour government said earlier in May that it proposed to allow foreign state-owned investors to own up to 15 per cent of British newspaper publishers. The Telegraph said no final agreements were in place and regulatory hurdles would loom. "We believe the UK is a great place to invest, and this acquisition is an important part of RedBird's growing portfolio of media and entertainment companies in the UK," Gerry Cardinale, the founder of the US private equity firm, was quoted by the newspaper as saying. A trans-Atlantic consortium led by RedBird Capital Partners has struck a deal to buy Britain's Telegraph newspaper, the title says, spending Stg500 million ($A1 billion) 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 the US private equity firm RedBird Capital, which provided a quarter of RedBird IMI's funding, was moving to take direct control and was 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 in 2024 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 in May that it proposed to allow foreign state-owned investors to own up to 15 per cent 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. A trans-Atlantic consortium led by RedBird Capital Partners has struck a deal to buy Britain's Telegraph newspaper, the title says, spending Stg500 million ($A1 billion) 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 the US private equity firm RedBird Capital, which provided a quarter of RedBird IMI's funding, was moving to take direct control and was 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 in 2024 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 in May that it proposed to allow foreign state-owned investors to own up to 15 per cent 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.
Free Malaysia Today
23-05-2025
- Business
- Free Malaysia Today
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.
