Daily Mail owner Daily Mail and and General Trust (DMGT) just struck an over $650 million deal to buy its rival U.K.-based newspaper, The Daily Telegraph, also known just as The Telegraph, as well as The Sunday Telegraph.
Per BBC, a spokesperson said the $655 million agreement is awaiting a sign off from Culture Secretary Lisa Nandy, who will “review any new buyer acquiring the Telegraph in line with the public interest and foreign state influence media mergers regimes.”
The Telegraph’s future and ownership has been in question over the past two years, with the latest update being RedBird Capital Partners withdrawing from purchasing the conservative newspaper on Nov. 14.
The news outlet reports that it discussed the deal with Red Bird IMI, which is a collaborative effort between United Arab Emirates and the US private equity firm RedBird Capital Partners. RedBird IMI consortium paid off the Barclay family’s debts in December 2023 in hopes of taking control of the Telegraph.
“RedBird has today withdrawn its bid for the Telegraph Media Group,” a spokesperson for RedBird, a private equity firm owned by Gerry Cardinale, told TheWrap at the time. “We remain fully confident that The Telegraph and its world-class team have a bright future ahead of them and we will work hard to help secure a solution which is in the best interests of employees and readers.”
RedBird’s decision came after the Telegraph published multiple news and opinion pieces questioning the U.S.-based private equity company’s links to China, effectively prompting House of Lords members to call for regulatory scrutiny. RedBird was also seemingly frustrated by the slow pace at which British regulators were considering the bid, according to The Financial Times.
DGMT’s acquisition of The Telegraph would add to its collection of media/news organizations, which includes i Paper and Metro. Though The Telegraph will be under the same company banner, BBC reports that it will remain editorially independent.
“The Daily Telegraph is Britain’s largest and best quality broadsheet newspaper and I have grown up respecting it,” DMGT chairman Lord Rothermere said in a statement. “It has a remarkable history and has played a vital role in shaping Britain’s national debate over many decades.”
