US investment firm Redbird agrees to buy Britain's venerable Telegraph newspaper

LONDON: A consortium led by US investment firm RedBird Capital Partners has agreed to buy the publisher of Britain's 170-year-old Daily Telegraph newspaper for about 500 million pounds ($674 million), the two sides said Friday.
Redbird said it has reached an agreement in principle to become controlling owner of the Telegraph Media Group, ending a lengthy takeover saga for the conservative-leaning newspaper.
Gerry Cardinale, founder and managing partner of RedBird, said the sale 'marks the start of a new era for The Telegraph as we look to grow the brand in the UK and internationally, invest in its technology and expand its subscriber base.'
The group, previously owned by Britain's Barclay family, was put up for sale two years ago to help pay off the family's debts. It published the daily and Sunday Telegraph newspapers and weekly newsmagazine The Spectator, which all are closely allied to Britain's Conservative Party.
In 2023 there was an offer to buy the publications from RedBird IMI, a consortium backed by RedBird Capital Partners and Sheikh Mansour bin Zayed Al Nahyan, a member of Abu Dhabi's royal family and the vice president of the United Arab Emirates.
But the consortium pulled out last year following strong opposition from the UK government, which launched legislation to block foreign state ownership of the British press.
The Spectator was sold separately in September to British hedge fund investor Paul Marshall.
Telegraph Media Group chief executive Anna Jones said, 'RedBird Capital Partners have exciting growth plans that build on our success — and will unlock our full potential across the breadth of our business.'

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

The Hindu

an hour ago

• The Hindu

Liverpool signs Florian Wirtz from Bayer Leverkusen for huge fee that could climb to $156 million

Liverpool delivered a huge statement of intent after winning the Premier League title by signing Germany star Florian Wirtz from Bayer Leverkusen on Friday (June 20, 2025). The transfer fee could climb to 116 million pounds ($156 million), which would make the 22-year-old Wirtz the most expensive player in the history of British soccer. 'I feel very happy and very proud," Wirtz told the official Liverpool website. "Finally it's done and I was waiting for a long time. 'I'm really excited to have a new adventure in front of me. This was also a big point of my thoughts: that I want to have something completely new, to go out of the Bundesliga and to join the Premier League. 'I will see how I can perform there. I hope I can do my best. I spoke also with some players who played there and they told me that it's perfect for me and every pitch is perfect, you can enjoy every game. I'm really looking forward to playing my first game.' Liverpool, determined to keep moving forward despite securing a record-tying 20th English top-flight title, splashed out a club record to bring in not only one of the best players from Germany, but one of the top youngsters in the world. Wirtz has been a key first-team player for Leverkusen since he was 17. He was the outstanding attacking player in the team that won the Bundesliga and German Cup in 2023-24 without losing a game, and is a regular in Germany's national team. It's why Liverpool was ready to pay a guaranteed 100 million pounds, plus 16 million pounds in potential add-ons. Wirtz had two years left on his contract, giving Leverkusen leverage in negotiations. The Premier League record for an initial fee was set when Chelsea signed Enzo Fernandez from Benfica for 106.7 million pounds ($131.4 million at the time) in 2023, before the London club agreed to pay up to 115 million pounds ($146 million at the time) for midfielder Moises Caicedo from Brighton later that year. Liverpool manager Arne Slot arrived last summer and signed just one outfield player — forward Federico Chiesa — for the 2024-25 season. Chiesa barely played and the Reds won the league by 10 points, after which Slot and some of his players — including Virgil van Dijk — spoke about there being big plans for this transfer window. Having already signed right wing back Jeremie Frimpong from Leverkusen for a reported 35 to 40 million euros ($39.7 million to $45.4 million), Liverpool has returned to the German club to take Wirtz, who rejected an opportunity to join Bayern Munich — a Bundesliga rival which has long pursued him. One obstacle to that move was the size of the fee Leverkusen wanted. Another was concern over how Wirtz might fit into the same lineup as Jamal Musiala, Germany's other standout young attacking midfielder. Losing Wirtz leaves Leverkusen and its new coach, Erik ten Hag with an even bigger rebuild following the departure of Xabi Alonso for Real Madrid. Just after his 17th birthday, Wirtz became the youngest player in Leverkusen's history when he made his debut against Werder Bremen in May 2020, in an empty stadium at the height of the COVID-19 pandemic. A month later he was the youngest player to score in Bundesliga history, though that record has since been topped. Wirtz's versatile attacking midfield play was a vital ingredient in Alonso transforming Leverkusen into a team that could win the Bundesliga and German Cup without losing a game. He and Alonso stayed for another sometimes-disappointing season which ended with second place to Bayern in the league and a loss to Bayern in the Champions League round of 16. Wirtz showed he can deal with adversity when a cruciate ligament tear in his knee ruled him out for almost all of 2022 — including Alonso's first games as coach — before he returned to power Leverkusen to its league and cup double in 2023-24. Wirtz has become a vital player for the German national team with 29 caps. He played all five of its matches at Euro 2024 on home soil. He's also had to contend with hostility from fans of his boyhood club Cologne, which he left for nearby Leverkusen at 16. Liverpool and Bayern were reportedly interested then, too. Cologne claimed that deal broke an agreement between the clubs not to pursue each other's youth players. Leverkusen argued Wirtz was so talented that he counted as a first-team player despite his age. Cologne and Leverkusen are barely 10 kilometers (6 miles) apart, so going to Liverpool will be the first time that Wirtz has moved away from his roots. His parents Hans Wirtz and Karin Gross have played a big role in his career — they were also his agents until last year — and he's close to his older sister Juliane, a professional player for Werder Bremen in the women's Bundesliga. Wirtz's decision to turn down Bayern and the Bundesliga for Liverpool has caused some raised eyebrows in Germany. 'I wouldn't have thought Florian would make this switch so early,' former Germany great Lothar Matthäus told broadcaster n-tv last month. 'But he wants to get out of his comfort zone.' Wirtz seems likely to slot in as the No. 10 at Liverpool, a more creative solution in that role compared to the hard-running Dominik Szoboszlai. Whether Slot also now pushes for a new striker as an upgrade to current options Diogo Jota and Darwin Nunez remains to be seen. Szoboszlai could drop back into one of the two deeper midfield positions, competing with Ryan Gravenberch, Alexis Mac Allister and Curtis Jones.

Mint

an hour ago

• Mint

China's Top HK Official Says Security Will Ensure City's Success

China's top official for Hong Kong affairs said the city needs to prioritize national security to ensure prosperity. The China-imposed national security law helped Hong Kong maintain its status as an international financial hub, Xia Baolong, director of the Hong Kong and Macau Affairs Office in Beijing, said Saturday on his third trip to the semi-autonomous city in three years. 'Profound changes are occurring inside and outside Hong Kong. It is necessary to fully implement the One Country, Two Systems principle, guided by national security, to provide favorable safety protection for achieving better development of Hong Kong,' Xia told a government forum marking the fifth anniversary of Beijing's implementation of the 2020 national security law, which silenced dissent in the once-freewheeling territory. His comments build on China's emphasis on national security in recent years, after massive pro-democracy protests roiled the former British colony in 2019. A continuing crackdown on perceived threats and the introduction of supporting legislation has stifled political dissent and led to the imprisonment of dozens of former activists. Earlier this month, Beijing's national security office in the city carried out its first known joint operation with local police to investigate a case of alleged foreign collusion. In the same week, authorities invoked a security law to ban a Taiwanese-made video game they accused of advocating for overthrowing the government. Xia's speech at the forum represents the most public appearance he has made during his five-day trip that began Wednesday, which has included meetings with political and business leaders. He also held discussions with university presidents earlier in the week, in a move seen as reinforcing Beijing's vision for Hong Kong as an innovation and talent hub. Appointed as Beijing's top man in Hong Kong in 2020, Xia's tenure has seen growing integration between the Asian financial hub with the rest of China. He has urged the city to accelerate the development of its so-called Northern Metropolis, a sprawling area bordering the mainland city of Shenzhen. Xia's visit comes as Hong Kong grapples with economic headwinds, buffeted by a slowing Chinese economy and a prolonged property slump. The city is also caught in the crossfire of the US-China trade war, with tariffs imposed by the Trump administration now applying to Hong Kong-made goods, further blurring the lines between the city and mainland China. Still, some observers argue Hong Kong could paradoxically gain from the deteriorating US-China relationship. Having declared the city 'over' last February, former Morgan Stanley Asia Chairman Stephen Roach said recently that the territory may benefit because of its unique position as China's most important window to international finance. This article was generated from an automated news agency feed without modifications to text.

Time of India

2 hours ago

• Time of India

JLR to face $2.1bn tariff hit: Chandra

Tata Group chairman N Chandrasekaran Mumbai: Tata Motors-owned British luxury carmaker Jaguar Land Rover faces potential tariff impacts of 1.6 billion pounds (about $2.1 billion) from new US trade measures, Tata Group chairman N Chandrasekaran said. He noted that ongoing mitigation plans aim to reduce this impact to 600 million pounds. "Tariff is a major issue, primarily for JLR," said Chandrasekaran at Tata Motors ' 80th AGM on Friday. "Without intervention, JLR's tariff rate would have gone from 2.5% to 27.5%. With the US-UK trade deal, the 27.5% tariff will drop to 10%. The overall impact even of the 10% will be 1.6 billion pounds. But JLR has taken a lot of steps through which it will be able to reduce the impact to 600 million pounds." This AGM marked Chandrasekaran's first appearance at a shareholder meeting after the Air India flight 171 crash on June 12, having missed shareholder meetings at Tata Consumer Products and TCS. The meeting held additional significance as it was the final AGM for Tata Motors before its division into two listed companies by year-end, focusing on passenger vehicles and commercial vehicles, respectively. Chandrasekaran also assured shareholders that China's export restrictions on rare earth magnets pose no immediate supply concerns, while the company explores alternative sourcing options. Rare earth elements play a crucial role in the production of permanent magnets, which are essential components in electric motors. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now