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The Telegraph, a prominent British right-wing newspaper, has agreed to be acquired by US investment firm RedBird Capital Partners, ending a two-year period marked by UK government intervention over press freedoms. In a statement released on Friday, RedBird announced that it has reached an "in-principle agreement" to buy The Telegraph Media Group (TMG), which includes the paper’s print and digital operations, for £500 million ($670 million).
It concludes a protracted sale that involved an intervention by the previous Conservative government. US-Emirati consortium RedBird IMI, comprising Redbird Capital, had already struck a deal for TMG in late 2023. However, the previous UK government triggered a swift resale amid concern over the potential impact on freedom of speech given Abu Dhabi's press censorship record.
RedBird Capital Partners on Friday said the agreement struck with TMG makes it "the sole control owner" and "unlocks a new era of growth for the title" founded in 1855. RedBird's growth strategy will include capital investment in digital operations, subscriptions and journalism as it looks to expand The Telegraph internationally."
"RedBird's growth strategy will include capital investment in digital operations, subscriptions and journalism as it looks to expand The Telegraph internationally."
The US group added it is in "discussions with select UK-based minority investors with print media expertise and strong commitment to upholding the editorial values of" the paper.
It comes after the current Labour government recently struck a trade agreement with the United States, as Prime Minister Keir Starmer enjoys cordial relations with US President Donald Trump despite the latter's tariffs blitz.
TMG chief executive Anna Jones said RedBird "will unlock" The Telegraph's "full potential". "RedBird Capital Partners have exciting growth plans that build on our success," she added.
The US group said it will look to expand The Telegraph's global reach, particularly in the United States.
TMG last year agreed to sell British right-wing magazine The Spectator to hedge fund manager Paul Marshall for £100 million. At the end of 2024, Britain's Guardian Media Group struck a deal to sell the world's oldest Sunday newspaper, The Observer, to online news company Tortoise Media.
