DMGT to buy Telegraph for £500m in deal that could reshape UK media
UK publisher DMGT agrees to acquire the Daily Telegraph and Sunday Telegraph for about £500 million, subject to regulatory approval.
The Daily Mail and General Trust (DMGT) has agreed to acquire the Daily Telegraph and its Sunday edition for about £500 million, a deal that would bring the Telegraph into DMGT’s media portfolio.
DMGT said it had entered talks with RedBird IMI, a joint venture between the United Arab Emirates and US private equity firm RedBird Capital Partners, which had previously bid to take control of the Telegraph but pulled out last week.
The sale now rests with UK Culture Secretary Lisa Nandy, who will assess the merger under the public-interest test and the regime governing foreign-state influence in media ownership.
DMGT and RedBird IMI said they expect completion soon.
DMGT chairman Lord Rothermere said he had long admired the Telegraph and that the deal would bring much-needed certainty and confidence to employees. He described the Telegraph as Britain’s largest quality broadsheet and said the group would invest in the newsroom. He added that under DMGT the Telegraph would become a global brand, mirroring the Daily Mail’s reach.
Under the deal, the Telegraph would join DMGT's portfolio of media brands, including the i, Metro, and New Scientist, alongside the Daily Mail and Mail on Sunday. The group emphasised that the Telegraph would stay editorially independent from its other titles.
A RedBird IMI spokesman said the parties had acted swiftly and would now submit the deal to the secretary of state for review.
Chris Fox, Liberal Democrat Lords’ spokesperson for business, warned that concentration of power in a small number of outlets warrants scrutiny by the competition regulator to protect consumers and rivals from an unbalanced market.
RedBird’s previous bid was shaped by questions over foreign funding after Abu Dhabi’s IMI group helped finance the deal. A 15% cap on foreign sovereign wealth funds in newspapers has been part of the regulatory regime. RedBird founder Gerry Cardinale had hoped to expand the Telegraph’s reach in the United States, eyeing opportunities beyond the UK, including investments like AC Milan.
The Telegraph has been in limbo for more than two years after RedBird IMI helped settle debts left by the Barclay family, paving the way for a potential sale.
Key takeaway: The Telegraph's sale signals a major shift in UK media ownership, with DMGT promising newsroom investment while maintaining editorial independence, subject to regulatory approval. BBC News
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