A transatlantic consortium led by RedBird Capital Partners has agreed to purchase The Telegraph newspaper for £500million.
The deal comes after a period of uncertainty over the ownership of the broadsheet, which has been one of Britain's most famous newspapers.
The Telegraph's ownership has been in flux since 2023, raising significant questions about media independence and the potential for foreign states to purchase political influence through British news outlets.
The newspaper reported that while an agreement has been reached, no final deals are yet in place and regulatory approvals will still be required.
The newspaper is set to be sold
Getty
The ownership saga began when RedBird IMI purchased the Telegraph titles and The Spectator magazine in 2023.
However, the previous Conservative government moved swiftly to block the acquisition.
However, there were concerns over foreign state investment in British newspapers, with the government implementing a ban that specifically prevented RedBird IMI from taking control of the Telegraph.
The consortium was run by former CNN chief Jeff Zucker but received the majority of its funding from Abu Dhabi.
This political move bought questions about press freedom and the potential for foreign states to gain influence over Britain's media landscape through ownership of prestigious publications.
LATEST DEVELOPMENTS
The Telegraph Media Group office in Victoria, central London
PA
Under the new deal, RedBird Capital, which previously provided a quarter of RedBird IMI's funding, is now moving to take direct control of the Telegraph.
The US private equity firm is expected to be joined by British media investors in the ownership group.
Gerry Cardinale, the founder of RedBird Capital, was quoted by the Telegraph as saying: "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."
Labour proposed earlier this month to allow foreign state-owned investors to own up to 15 per cent of British newspaper publishers.
Anna Jones, chief executive of Telegraph Media Group, said: "Telegraph Media Group is an award-winning news media organisation, with exceptional journalism at its heart, supported by leading commercial expertise, a commitment to innovation and a laser focus on data to drive strategy.
"RedBird Capital Partners have exciting growth plans that build on our success – and will unlock our full potential across the breadth of our business."
