#redbird-capital

#redbird-capital

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RedBird had a previous attempt to buy the Telegraph rebuffed by politicians as it was majority-funded by Abu Dhabi's IMI group - which is owned in turn by the Abu Dhabi royal family. A law change meant that foreign sovereign wealth funds could take a maximum stake of 15% in newspapers or periodicals. The new bid complied with that rule, but it is understood that the government intended to submit the deal to regulatory review.

The boss of the US private equity group bidding for the Daily Telegraph has been reported to the UK government for potentially breaching rules protecting the newspaper's editorial independence, after allegedly threatening to go to war with the title's newsroom. The Guardian understands that the independent directors of Telegraph Media Group (TMG) have alerted the Department for Culture, Media and Sport (DCMS) about supposed comments made by RedBird Capital's Gerry Cardinale to the Telegraph's editor, Chris Evans.

The government legislation allowing foreign states to own up to 15% in British newspapers survived a potentially fatal vote in the House of Lords, ensuring RedBird Capital's purchase of the Telegraph can proceed.

"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."