RedBird Capital Partners has set an in-principle agreement to acquire Telegraph Media Group for $675.7 million (£500m), the American investment management firm announced on Friday.
RedBird will now become the sole owner of the The Telegraph as it looks to take the 170-year-old British daily newspaper international.
“The Telegraph has made enormous progress in recent years since the launch of its digital subscriptions strategy, thanks to the hard work of its brilliant staff. But there is much more that can be achieved,” The Daily Telegraph editor Chris Evans said in a statement. “With the right plan and the right investment by ambitious new owners, this venerable title can look forward to an era of unprecedented success.”
“This transaction marks the start of a new era for The Telegraph as we look to grow the brand in the U.K. and internationally, invest in its technology and expand its subscriber base. We believe that the U.K. is a great place to invest, and this acquisition is an important part of RedBird’s growing portfolio of media and entertainment companies in the U.K.,” RedBird founder and managing partner Gerry Cardinale added. “Having now spent time with Chris Evans, Anna Jones and the entire senior management team at The Telegraph, we have tremendous conviction in the growth potential of this incredibly important cultural institution.”
RedBird took control of TMG through a joint venture with International Media Investments in 2023, though that deal was ultimately blocked by Parliament. The two kept control while soliciting bids over the last two years, and IMI will now stay on as a minority investor, subject to secondary legislation.
“RedBird has a 30-year track record partnering with iconic, longstanding brands and supporting their underlying intellectual property for new forms of monetization. We are looking forward to working with The Telegraph’s exceptional leadership to deliver a growth plan that takes The Telegraph’s journalism to new audiences around the world,” he continued. “I also want to thank the Independent Directors and Deputy Chairman, Lord Black, for their tireless work and unwavering commitment to seeing this sale process through over the last two years. With this announcement, we are now looking forward to working with the Independent Directors and U.K. government regulators to complete our acquisition process.”
Telegraph Media Group CEO Anna Jones further shared, “Telegraph Media Group is an award-winning news media organization, with exceptional journalism at its heart, supported by leading commercial expertise, a commitment to innovation and a laser focus on data to drive strategy. RedBird Capital Partners have exciting growth plans that build on our success — and will unlock our full potential across the breadth of our business.”
