Daijiworld Media Network – London
London, Nov 23: The Daily Mail and General Trust (DMGT) has signed a $654 million (£500 million) agreement with US-Emirati consortium RedBird IMI to acquire The Telegraph newspaper, DMGT announced on Saturday.
The deal comes after RedBird Capital Partners had abruptly abandoned its takeover last week, leaving the paper’s future uncertain and extending a sale process that has been in limbo for over two years.
DMGT, which also owns Metro and The i Paper, said the deal will provide “much-needed certainty and confidence” to The Telegraph’s staff. The publisher plans to accelerate the newspaper’s international expansion, particularly in the United States, while ensuring editorial independence from other titles.
RedBird IMI, a joint venture between RedBird Capital and Abu Dhabi’s International Media Investments, had first struck a deal for Telegraph Media Group in late 2023. Previous government interventions, amid concerns over press freedom, forced a swift resale and amendments to UK merger laws to prevent foreign control of British newspapers.
Founded in 1855, The Telegraph was bought by the Barclay brothers in 2004 and put up for sale in 2023 by Lloyds Bank to settle debts, drawing interest from multiple bidders including hedge fund manager Paul Marshall.
DMGT and RedBird IMI stated they would now enter a period of exclusivity to finalise the transaction, which both parties expect to complete quickly.