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RedBird Capital withdraws bid to get telegraph newspapers
(MENAFN) US investment firm RedBird Capital has withdrawn its £500 million (around $657 million) bid to purchase the Daily and Sunday Telegraph, bringing an end to a prolonged effort to take control of one of Britain’s leading media groups.
Earlier attempts by RedBird to acquire the titles were blocked after government ministers raised concerns over the level of funding coming from Abu Dhabi–owned IMI Group. Subsequently, new regulations were introduced limiting foreign sovereign wealth funds to a maximum 15% stake in UK newspapers.
A spokesperson for RedBird stated that the firm remains confident in the Telegraph’s “bright future” and intends to support a solution “in the best interests of employees and readers.”
RedBird has also faced scrutiny over investment backing from China and other Gulf-based sources. Meanwhile, IMI Group, which settled the debts of the Telegraph’s previous owners, the Barclay family, confirmed its continued commitment to securing a long-term future for the newspapers and said it is still engaging with potential buyers.
Earlier attempts by RedBird to acquire the titles were blocked after government ministers raised concerns over the level of funding coming from Abu Dhabi–owned IMI Group. Subsequently, new regulations were introduced limiting foreign sovereign wealth funds to a maximum 15% stake in UK newspapers.
A spokesperson for RedBird stated that the firm remains confident in the Telegraph’s “bright future” and intends to support a solution “in the best interests of employees and readers.”
RedBird has also faced scrutiny over investment backing from China and other Gulf-based sources. Meanwhile, IMI Group, which settled the debts of the Telegraph’s previous owners, the Barclay family, confirmed its continued commitment to securing a long-term future for the newspapers and said it is still engaging with potential buyers.
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