The US investment group has reached an agreement to acquire The Telegraph overcoming previous governmental hurdles.
US investment group RedBird Capital Partners has reached an agreement to acquire the Telegraph Media Group for £500 million, marking the end of a protracted saga marked by political opposition and scrutiny over foreign influence.
The in-principle deal gives RedBird “sole control” of the publisher, which includes the Telegraph’s print and digital operations, while Abu Dhabi-based International Media Investments (IMI) retains a minority stake in line with UK rules that cap foreign state ownership of newspapers at 15%. The agreement follows the collapse of a previous attempt by RedBird IMI to buy the titles outright, which was blocked by ministers amid concerns over press freedom and censorship.
Gerry Cardinale, RedBird’s founder and managing partner, said the acquisition was a vote of confidence in the UK media sector. “We believe that the UK is a great place to invest,” he said, promising to build on the Telegraph’s legacy and grow its audience at home and abroad. The company plans to increase investment in digital operations, with a focus on subscriber growth and audience insights driven by data and AI.
Telegraph CEO Anna Jones said RedBird’s backing would “unlock” the publication’s potential, accelerating its shift to a digital-first model. The group has already invested heavily in digital subscriptions in recent years, mirroring a wider trend in legacy media as news publishers race to adapt to declining print revenues and changing reader behaviour.
The road to the deal has been anything but smooth. Politicians from both major parties opposed RedBird IMI’s earlier bid due to IMI’s ties to the Abu Dhabi government. The backlash prompted the UK government to draft new legislation to limit foreign state ownership of UK news outlets, placing additional pressure on the prospective buyers. RedBird’s new structure appears to have been designed to satisfy those concerns, with Cardinale’s firm taking full control and IMI stepping back to a minority position.
The acquisition comes amid a wider reshuffling of UK media ownership. Last year, The Spectator was sold by the Telegraph group to hedge fund manager Paul Marshall, while Tortoise Media recently completed its takeover of The Observer, a Sunday newspaper, from The Guardian.
[](https://www.ft.com/content/40e1465d-7888-439f-a8c4-a13cc3b59654)[](https://apnews.com/article/7f767ec46cdaa66f2b9a639a73def6b5)
Source: Noah Wire Services
- https://yen.com.gh/business-economy/284012-uk-newspaper-telegraph-set-ownership/ – Please view link – unable to able to access data
- https://www.ft.com/content/40e1465d-7888-439f-a8c4-a13cc3b59654 – RedBird Capital Partners, led by founder Gerry Cardinale, has agreed to acquire the Telegraph Media Group for £500 million, marking the end of a prolonged sales process. The acquisition grants RedBird sole control, while Abu Dhabi’s International Media Investments retains a minority stake due to UK legislation limiting foreign state-backed ownership of national newspapers to 15%. The Telegraph, previously owned by the Barclay family since 2004, came under Lloyds Banking Group’s control two years ago following unpaid debts. A prior attempt to sell the Telegraph to RedBird IMI, mostly funded by Abu Dhabi, for £550 million was blocked by the former Conservative government. RedBird is currently in discussions with UK-based investors, including Lord Rothermere’s DMGT, owner of the Daily Mail, to form a consortium. Cardinale emphasized plans to grow the Telegraph’s brand domestically and internationally, invest in technology, and expand its subscriber base, while cooperating with government and regulatory bodies to finalize the transaction. ([ft.com](https://www.ft.com/content/40e1465d-7888-439f-a8c4-a13cc3b59654?utm_source=openai))
- https://www.ft.com/content/65f44300-a9dc-49f6-8986-3962695b6de7 – Dovid Efune, owner of the New York Sun, is renewing his bid to acquire the Telegraph newspaper with the backing of prominent Brexiter and multimillionaire Jeremy Hosking, and former UK Chancellor Nadhim Zahawi. Efune was previously in exclusive talks with current stakeholders RedBird IMI—an Abu Dhabi and US-based media group—but failed to secure necessary US funding. He has now garnered British financial support, positioning his current effort as a ‘British bid.’ Hosking is a significant backer, bringing political and financial influence due to his support of conservative causes. Zahawi, who was involved with RedBird IMI’s earlier acquisition attempt, adds further right-wing political endorsement. Aryeh Bourkoff of LionTree is advising Efune, having previously negotiated with IMI in the UAE. While RedBird IMI initially took over the Telegraph from the Barclay family after Lloyds Banking Group reclaimed it over unpaid debts, its full ownership bid was halted by the UK government due to concerns over foreign influence. A recent policy shift now allows limited foreign state ownership (up to 15%), providing room for IMI to retain some stake. Efune is expected to hold meetings in London next week regarding the bid. ([ft.com](https://www.ft.com/content/65f44300-a9dc-49f6-8986-3962695b6de7?utm_source=openai))
- https://www.ft.com/content/88253d6e-38d2-45af-a73a-b45159cf89be – In November 2023, Jeff Zucker, backed by Abu Dhabi, attempted to take control of the UK’s Telegraph and Spectator with his RedBird IMI investment group. However, his bid faced strong opposition from Britain’s Conservative establishment and the publications themselves, leading to a fierce lobbying campaign and parliamentary interventions. On Wednesday, Prime Minister Rishi Sunak proposed changes to the law to prevent foreign states from buying British news organizations, a move aimed at blocking the RedBird IMI takeover. Kemi Badenoch, business and trade secretary and former Spectator employee, was influential in opposing the bid, which was supported by influential Conservatives like Nadhim Zahawi but faced resistance from others like Robert Jenrick and Sir Iain Duncan Smith. Baroness Tina Stowell’s amendment seeking parliamentary veto over foreign state media ownership forced Sunak to negotiate, resulting in a government amendment achieving the same goal. The decision has sparked relief among opponents of the bid and concerns about editorial independence, while RedBird IMI expressed disappointment and hinted at future actions. The ongoing saga leaves the Telegraph’s future uncertain with another sales process looming. ([ft.com](https://www.ft.com/content/88253d6e-38d2-45af-a73a-b45159cf89be?utm_source=openai))
- https://www.reuters.com/markets/deals/redbird-imi-withdraws-telegraph-deal-sell-uk-newspaper-2024-04-30/ – RedBird IMI has announced its intention to sell the Telegraph newspaper after abandoning its planned acquisition due to government intervention. RedBird, backed by Abu Dhabi’s Mansour bin Zayed Al Nahyan, had taken effective control of the Telegraph and Spectator magazine in December by repaying a significant debt owed by the previous owners, the Barclay family. The acquisition faced regulatory scrutiny and was further complicated when the UK government prohibited foreign ownership of newspapers. RedBird IMI, led by Jeff Zucker, has held discussions with the government to ensure a smooth sale process. Culture Secretary Lucy Frazer expressed her concerns about free expression and media freedom during the investigation. RedBird IMI is now focused on obtaining the best price for the titles, with potential buyers including hedge fund manager Paul Marshall, DMGT, and various private equity firms. ([reuters.com](https://www.reuters.com/markets/deals/redbird-imi-withdraws-telegraph-deal-sell-uk-newspaper-2024-04-30/?utm_source=openai))
- https://apnews.com/article/7f767ec46cdaa66f2b9a639a73def6b5 – The Abu Dhabi-backed investment fund RedBird IMI has withdrawn its bid to acquire Britain’s Telegraph Media Group, which includes the right-leaning Daily Telegraph and Sunday Telegraph newspapers, as well as The Spectator magazine. This decision follows strong opposition from the U.K. government, which raised concerns regarding the impact on freedom of expression and the accurate presentation of news. To address these concerns, the government announced new legislation to block foreign state ownership of British media and initiated an investigation into the takeover’s potential effects on journalistic freedom. As the deal, orchestrated by RedBird IMI and managed by former CNN chief Jeff Zucker, was deemed ‘no longer feasible,’ the fund emphasized its commitment to supporting the publications’ staff and readers. Britain’s Culture Secretary, Lucy Frazer, emphasized the importance of maintaining a free press as a cornerstone of democracy and pledged to monitor the media group’s transition closely. ([apnews.com](https://apnews.com/article/7f767ec46cdaa66f2b9a639a73def6b5?utm_source=openai))
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
10
Notes:
The narrative is current, with the acquisition agreement announced on May 23, 2025. The Financial Times reported on this development on the same date. ([ft.com](https://www.ft.com/content/40e1465d-7888-439f-a8c4-a13cc3b59654?utm_source=openai))
Quotes check
Score:
10
Notes:
Direct quotes from Gerry Cardinale and Anna Jones are unique to this report, with no earlier matches found online, indicating original or exclusive content.
Source reliability
Score:
3
Notes:
The narrative originates from yen.com.gh, a Ghanaian news outlet. While it provides a summary of the acquisition, it lacks direct attribution to primary sources, which raises concerns about the reliability and originality of the content. The Financial Times and AP News have also reported on this acquisition, offering more detailed and verifiable information. ([ft.com](https://www.ft.com/content/40e1465d-7888-439f-a8c4-a13cc3b59654?utm_source=openai), [apnews.com](https://apnews.com/article/5ae89f1d74a72a54b6eca38794564162?utm_source=openai))
Plausability check
Score:
8
Notes:
The acquisition details align with reports from reputable sources like the Financial Times and AP News. However, the lack of direct attribution to primary sources in the narrative raises questions about its authenticity. ([ft.com](https://www.ft.com/content/40e1465d-7888-439f-a8c4-a13cc3b59654?utm_source=openai), [apnews.com](https://apnews.com/article/5ae89f1d74a72a54b6eca38794564162?utm_source=openai))
Overall assessment
Verdict (FAIL, OPEN, PASS): FAIL
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The narrative is current and includes unique quotes, suggesting originality. However, its origin from yen.com.gh, a less established source, and the absence of direct attribution to primary sources, raise significant concerns about its reliability and authenticity. Reputable outlets like the Financial Times and AP News have reported on this acquisition, providing more detailed and verifiable information. ([ft.com](https://www.ft.com/content/40e1465d-7888-439f-a8c4-a13cc3b59654?utm_source=openai), [apnews.com](https://apnews.com/article/5ae89f1d74a72a54b6eca38794564162?utm_source=openai))
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