"RedBird Capital has dropped its 500m bid for the Telegraph Media Group, throwing the future of its daily and Sunday titles into further uncertainty. The private equity group founded by Gerry Cardinale has been under intense attack in recent weeks with the Telegraph newsroom and allies including former editor Charles Moore and ex-Spectator chief Fraser Nelson publishing a string of pieces calling for its links to China to be investigated."
"RedBird Capital had been the only prospective buyer willing to structure a deal at the 500m value desired by the consortium RedBird IMI, a joint venture between RedBird and the UAE's International Media Investments (IMI), which took control of the newspapers in 2023 by providing a loan to pay former owners the Barclays unpaid debts to Lloyds bank. RedBird IMI was forced to put the papers up for sale after the government legislated against foreign state ownership of UK newspaper assets."
RedBird Capital withdrew its 500m bid for the Telegraph Media Group, increasing uncertainty over the daily and Sunday titles. The private equity group faced criticism from the newsroom and allies including Charles Moore and Fraser Nelson, amid calls to investigate links to China. Culture secretary Lisa Nandy was expected to announce whether the bid should progress and whether Ofcom and the competition watchdog should scrutinise it. A RedBird spokesman said the group remained confident and would seek a solution in employees' and readers' best interests. RedBird IMI took control in 2023 and later put the papers up for sale after legislation barred foreign state ownership.
Read at www.theguardian.com
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