Daily Telegraph to be sold to US firm RedBird
Summary
RedBird, an American investment firm, plans to buy the Daily and Sunday Telegraph newspapers. This deal will involve buying the share owned by Sheikh Mansour, but it still requires approval from regulators. The papers were previously put up for sale after being taken over by Lloyds Bank when their former owners, the Barclay family, couldn't pay their debts.Key Facts
- RedBird Capital, a US investment company, agreed to buy the Daily and Sunday Telegraph.
- This deal follows a two-year period where ownership of the papers was uncertain.
- The newspapers were seized by Lloyds Bank from the Barclay family due to unpaid debts.
- RedBird's deal needs approval from regulatory authorities.
- Sheikh Mansour's group, IMI, paid the Barclay family's debts but was barred from majority ownership due to funding concerns.
- IMI is expected to keep a minor stake, less than 15%, in the newspapers.
- The Spectator, a magazine once linked with the Telegraph, was sold to Sir Paul Marshall for £100 million last year.
- RedBird aims to grow the Telegraph's audience in the United States.
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