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RedBird Capital Withdraws Bid for Telegraph Titles
(MENAFN) US investment firm RedBird Capital has decided to abandon its £500 million (around $657 million) offer to purchase the Daily and Sunday Telegraph, concluding a prolonged dispute over the ownership of one of the United Kingdom’s leading media organizations.
A previous attempt by RedBird to acquire the newspapers was blocked when government ministers raised concerns regarding the level of financing coming from the Abu Dhabi–owned IMI Group.
Subsequently, the UK government implemented regulations restricting foreign sovereign wealth funds to a maximum 15% ownership in British newspapers.
A spokesperson for RedBird told a news agency that the company still believed in the Telegraph’s “bright future” and aimed to help facilitate a resolution “in the best interests of employees and readers.”
RedBird has also been scrutinized over the wider nature of its funding, which includes investments from Chinese and Gulf-based sources.
IMI Group, which previously settled the debts of the Telegraph’s former proprietors, the Barclay family, stated that it remained dedicated to ensuring a sustainable future for the newspapers and continued discussions with prospective buyers.
A previous attempt by RedBird to acquire the newspapers was blocked when government ministers raised concerns regarding the level of financing coming from the Abu Dhabi–owned IMI Group.
Subsequently, the UK government implemented regulations restricting foreign sovereign wealth funds to a maximum 15% ownership in British newspapers.
A spokesperson for RedBird told a news agency that the company still believed in the Telegraph’s “bright future” and aimed to help facilitate a resolution “in the best interests of employees and readers.”
RedBird has also been scrutinized over the wider nature of its funding, which includes investments from Chinese and Gulf-based sources.
IMI Group, which previously settled the debts of the Telegraph’s former proprietors, the Barclay family, stated that it remained dedicated to ensuring a sustainable future for the newspapers and continued discussions with prospective buyers.
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