Daily Mail owner strikes $650m deal to buy the Telegraph
SKAiF NewsNG SNN
Daily Mail owner DMGT announced that it has agreed to acquire rival newspaper The Telegraph in a £500 million ($650 million) deal, a move that would form one of Britain’s most influential right-leaning media groups.
The agreement comes just a week after U.S.-based private investment firm RedBird Capital Partners withdrew its bid for The Telegraph, one of the UK’s most prominent newspapers.
A RedBird-IMI joint venture had bought the Telegraph Media Group and The Spectator magazine in 2023, but the UK government later stepped in, blocking foreign state investment in British newspapers.
RedBird then sought government approval to continue with a revised structure that limited Abu Dhabi-backed IMI to a minority stake capped at 15%.
A source close to RedBird told Reuters that delays in the regulatory process had raised doubts about the timeframe and viability of the bid. The source added that continued internal resistance from senior figures inside The Telegraph newsroom contributed to the consortium’s decision to withdraw.
The Financial Times, which first reported the DMGT agreement, said the £500 million price tag was set to recoup the funds spent by the RedBird-fronted consortium.
DMGT said the parties have now entered an exclusivity period to finalize deal terms and prepare regulatory filings, which they expect to progress quickly.
The company emphasized that the structure of the transaction would comply with the UK’s Foreign State Influence rules, noting there would be no foreign state investment or capital involved.
DMGT had previously expressed interest in acquiring the Telegraph Media Group in 2023, and Sky News reported earlier this year that the company was considering buying a 9.9% stake in the titles.
The group’s existing media portfolio includes The Mail on Sunday, Metro, The i Paper, and New Scientist. DMGT said The Daily Telegraph would remain editorially independent from its other publications.
A spokesperson for RedBird IMI said: “DMGT and RedBird IMI have worked swiftly to reach the agreement announced today, which will shortly be submitted to the Secretary of State.”
The post Daily Mail owner strikes $650m deal to buy the Telegraph appeared first on Vanguard News.
