Telegraph sale collapses as RedBird pulls out of £500m deal to buy newspaper
Telegraph’s future in limbo as £500m takeover bid scrapped
- US investment group RedBird Capital has abandoned its proposed £500m takeover of The Telegraph, casting uncertainty over the newspaper's future.
- The decision follows a tumultuous two-year process, including regulatory investigations into RedBird and its partner IMI's plans for the publication.
- The deal was previously blocked by the government due to new legislation preventing foreign state ownership of the press, specifically concerning the Abu Dhabi-backed fund's involvement.
- Chris Evans, editor of The Telegraph, stated that senior editors and writers had concerns about the bid and emphasised the need for owners who will invest in journalism.
- A source close to RedBird indicated that the opposition to the deal was disappointing and that it is now time to find another buyer for the newspaper.