British right-wing newspaper The Telegraph has agreed a takeover by US investment group RedBird Capital Partners, ending a two-year saga marked by UK government intervention over press freedoms.
RedBird has struck an “in-principle agreement” to purchase The Telegraph Media Group (TMG), which comprises the 170-year-old paper’s print and online operations, for £500 million ($670 million), the pair announced in a statement on Friday.
It concludes a protracted sale that involved an intervention by the previous Conservative government.
US-Emirati consortium RedBird IMI, comprising Redbird Capital, had already struck a deal for TMG in late 2023.
However, the previous UK government triggered a swift resale amid concern over the potential impact on freedom of speech given Abu Dhabi’s press censorship record.
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RedBird Capital Partners on Friday said the agreement struck with TMG makes it “the sole control owner” and “unlocks a new era of growth for the title” founded in 1855.
“RedBird’s growth strategy will include capital investment in digital operations, subscriptions and journalism as it looks to expand The Telegraph internationally.”
The US group added it is in “discussions with select UK-based minority investors with print media expertise and strong commitment to upholding the editorial values of” the paper.
It comes after the current Labour government recently struck a trade agreement with the United States, as Prime Minister Keir Starmer enjoys cordial relations with US President Donald Trump despite the latter’s tariffs blitz.
Credit: AFP
