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Consortium led by RedBird Capital agrees to buy Telegraph for £500m
- A consortium led by US private equity company RedBird Capital has agreed to acquire the Telegraph for £500m, ending two years of uncertainty over ownership.
- The deal includes the Daily Telegraph and Sunday Telegraph, with plans to grow the brand in the UK and internationally.
- RedBird will become the sole controlling owner, engaging with potential investors like Lord Rothermere’s DMGT for a stake of 9.9%.
- The transaction is fully funded, with RedBird aside from seeking select UK-based minority investors with print media expertise.
- RedBird Capital, with investments like Liverpool FC's parent company, plans to expand the Telegraph globally.
- The deal involves transitioning ownership from RedBird IMI, funded by International Media Investments controlled by Sheikh Mansour bin Zayed al-Nahyan.
- Government regulations and a public interest test will be hurdles for the deal, with RedBird Capital aiming for unprecedented success for the Telegraph.
- Former chancellor George Osborne's involvement through investment banks in the auction process adds to the complexity of the deal.
- Dovid Efune, owner of the New York Sun, is attempting to mount a bid with support from Brexit backer Jeremy Hosking but faces funding challenges.
- RedBird's ambition includes expanding the Telegraph's global reach, with plans for growth and investment under the new ownership.
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