Nov. 22 (UPI) — Two of the United Kingdom’s largest media outlets and traditional competing newspapers would unite under a proposed $655 million sale.
Publisher Daily Mail and General Trust announced it has begun negotiations with RedBird IMI to buy the Daily and Sunday Telegraph newspapers for $655 million
RedBird IMI is a joint venture between U.S.-based RedBird Capital Partners and the United Arab Emirates-based IMI.
“The Daily Telegraph is Britain’s largest and best quality broadsheet newspaper, and I have grown up respecting it,” DMGT Chairman Jonathan Rothermere said in a statement shared with The New York Times.
“It has a remarkable history and has played a vital role in shaping Britain’s national debate over many decades,” Rothermere added.
Any agreement would require the approval of Britain’s Culture Secretary Lisa Nandy to ensure the proposed buyer fulfills “the public interest” and prevents “foreign state influence” of media, the BBC reported.
Such scrutiny prompted U.S.-based RedBird Capital Partners to withdraw a prior offer to buy the news outlet outright.
RedBIrd IMI acquired a tangible interest in the newspaper when the Barclay family announced it was for sale amid financial problems in 2023, according to The Washington Post.
RedBird IMI arranged a debt deal with the Barclays that gave it the inside track on buying The Daily Telegraph and sister publication the Spectator.
The British government blocked the sale, though, partly due to concerns of foreign influence by UAE-based IMI.
RedBird IMI then sold the Spectator to British hedge-fund owner Paul Marshall in 2024, but a potential sale of The Daily Telegraph to New York Sun publisher Dovid Efune did not materialize.
RedBird Capital then tried to buy the newspaper with the help of a minority investor from Britain, while limiting IMI to a 15% ownership stake.
RedBird withdrew that plan in October and now has its hopes pinned on the proposed $655 million deal with DMGT.
