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RedBird Capital Withdraws Bid for Telegraph Titles
(MENAFN) US investment company RedBird Capital has abandoned its £500 million (approximately $657 million) offer to acquire the Daily and Sunday Telegraph, bringing an end to a lengthy dispute over the direction of one of the United Kingdom’s leading media organizations.
The firm’s earlier attempt to purchase the newspapers was blocked after government ministers raised concerns about the financing from Abu Dhabi–owned IMI Group.
In response, authorities subsequently established rules restricting foreign sovereign wealth funds to holding no more than a 15% stake in UK newspapers.
A spokesperson for RedBird told a news agency that the company remained optimistic about the Telegraph’s “bright future” and would continue to pursue a resolution “in the best interests of employees and readers.”
RedBird has also encountered wider scrutiny over investments it receives from Chinese and Gulf-based supporters.
IMI Group, which cleared the debts of the Telegraph’s previous owners, the Barclay family, stated it remained dedicated to ensuring a sustainable future for the publications and continued discussions with potential purchasers.
The firm’s earlier attempt to purchase the newspapers was blocked after government ministers raised concerns about the financing from Abu Dhabi–owned IMI Group.
In response, authorities subsequently established rules restricting foreign sovereign wealth funds to holding no more than a 15% stake in UK newspapers.
A spokesperson for RedBird told a news agency that the company remained optimistic about the Telegraph’s “bright future” and would continue to pursue a resolution “in the best interests of employees and readers.”
RedBird has also encountered wider scrutiny over investments it receives from Chinese and Gulf-based supporters.
IMI Group, which cleared the debts of the Telegraph’s previous owners, the Barclay family, stated it remained dedicated to ensuring a sustainable future for the publications and continued discussions with potential purchasers.
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