U.S. investment firm RedBird Capital has reached a deal to acquire control of The Daily Telegraph and The Sunday Telegraph, ending a prolonged period of ownership uncertainty for the historic British newspapers.
The agreement follows a two-year vacuum that began when Lloyds Bank seized the titles from the Barclay family over unpaid debts. RedBird will acquire the stake initially held by Sheikh Mansour bin Zayed al-Nahyan, the Emirati royal who previously funded a joint takeover bid through his International Media Investments (IMI) group.
That earlier bid, however, was blocked by the UK government, which introduced legislation last year to prevent foreign governments from owning British newspapers and magazines. The law forced RedBird and IMI to revise their proposal.
Under the new arrangement, IMI will retain a minority stake of under 15%, while RedBird Capital takes majority control. The transaction remains subject to regulatory approval.
The fate of the Telegraph titles had been uncertain since Lloyds Bank took control in 2023. RedBird and IMI had sought to avoid a formal auction by repaying the Barclay family’s debts in full, but the government intervened over concerns about foreign state influence due to IMI’s dominant financial role.
Meanwhile, The Spectator magazine — which was also part of the portfolio — was sold separately last year to hedge fund tycoon Sir Paul Marshall for £100 million.
Sources familiar with the deal told the BBC that the terms will allow RedBird and IMI to recover the full amount of their original investment.
Telegraph staff, who have endured two years of corporate limbo, are said to be relieved by the clarity brought by the new ownership. Concerns over the lack of long-term strategy and funding had grown during the extended uncertainty.
RedBird founder Gerry Cardinale told the BBC he has ambitious plans for the titles, including expanding the Telegraph’s subscriber base in the United States. He believes the Telegraph can fill a gap in the U.S. media landscape with its brand of journalism.
RedBird Capital is no stranger to high-profile investments. Alongside this media acquisition, the firm owns Italian football giant AC Milan and has a track record of strategic investments in sports and entertainment.
With this deal, one of Britain’s most influential newspapers may finally move into a new chapter, poised for digital growth and global reach under American leadership.
