The Telegraph to be sold to U.S. firm for $670M
Ownership of The Telegraph, a pillar of British journalism with deep ties to the Conservative Party, is set to change hands once again. RedBird Capital Partners, a U.S.-based investment firm, announced it has reached an agreement in principle to acquire control of the Telegraph Media Group for approximately £500 million ($675 million).
The deal, revealed on Friday, represents the latest development in a complex and politically sensitive saga surrounding the ownership of the 170-year-old newspaper, long dubbed “The Torygraph” for its historical alignment with Conservative ideology.
RedBird’s acquisition follows a previously blocked attempt to assume control of The Telegraph through a joint venture with International Media Investments (IMI), a fund tied to Abu Dhabi’s royal family. That bid, which would have placed the publication under the stewardship of Jeff Zucker, former CNN president, was thwarted in 2023 amid parliamentary backlash over the prospect of foreign state ownership of British media.
In response to growing political concern, the then-Conservative government enacted legislation banning foreign state entities from owning U.K. newspapers. However, the newly installed Labour government recently announced a loosening of those restrictions, now allowing foreign state investors to hold up to a 15% stake in British newspapers. This policy shift cleared the path for RedBird to proceed with its revised offer.
As part of the new arrangement, RedBird will purchase the bulk of IMI’s holdings in the Telegraph Media Group, with IMI retaining a small minority stake pending further legal adjustments. The investment firm is also actively seeking British partners with “print media expertise and a strong commitment to upholding the editorial values of The Telegraph” to bolster domestic credibility.
The deal comes amid wider upheaval in the media sector. Last year, The Spectator—a conservative magazine formerly grouped with The Telegraph—was sold for £100 million to Paul Marshall, a hedge fund magnate with stakes in GB News, a right-leaning television outlet. Meanwhile, other potential buyers for The Telegraph, including Dovid Efune, owner of The New York Sun, struggled to secure financing, leaving the field open for RedBird's return.
Founded in 2014, RedBird is an active player in the global media and sports investment scene. Its portfolio includes interests in Skydance Media, Fenway Sports Group (owner of the Boston Red Sox and Liverpool F.C.), and the YES Network, the New York Yankees' regional sports broadcaster.
Gerry Cardinale, RedBird’s founder, highlighted the firm’s ambitions to grow The Telegraph’s global presence, especially in the United States, and to accelerate its digital transformation. “We believe that the U.K. is a great place to invest,” Cardinale said in a statement, “and this acquisition is an important part of RedBird’s growing portfolio of media and entertainment companies in the U.K.”
As The Telegraph turns a new page under American ownership, questions will remain about how its editorial direction, political influence, and business model will evolve in a rapidly changing media landscape. Yet one thing is certain: the battle over Britain’s most iconic conservative broadsheet is far from over.
