Daily Telegraph to be bought to US agency RedBird | EUROtoday

American buyout agency RedBird has agreed a deal to take management of the Daily and Sunday Telegraph after a two-year possession vacuum.

RedBird Capital will purchase the stake owned by Emirati royal Sheikh Mansour bin Zayed Sultan al-Nahyan who had bankrolled an earlier bid.

That bid was rejected by the earlier authorities, which handed a legislation stopping overseas governments proudly owning British newspapers or information magazines.

The present proposed deal will want regulatory approval.

Both Telegraph titles and the Spectator journal had been put up for public sale by Lloyds Bank, who seized them from the Barclay household for non-payment of excellent money owed.

In a daring however in the end unsuccessful transfer, a consortium of RedBird and Sheikh Mansour’s IMI paid off the Barclay brothers’ money owed in full hoping to shortcut the public sale course of.

However, the truth that the consortium was nearly solely funded by IMI noticed the federal government intervene and forestall it taking majority possession.

It is believed that IMI will retain a minority stake of lower than 15% within the two papers.

Meanwhile, the Spectator was bought to hedge fund billionaire Sir Paul Marshall final yr for £100m.

The BBC understands the acquisition worth will see RedBird IMI get its a refund in full.

It brings to an finish a two-year limbo interval which the Telegraph employees discovered unsettling and left them involved that ample funding and route was missing.

RedBird founder Gerry Cardinale advised the BBC he has plans to develop the Telegraph’s attain and subscriber base within the US, believing there to be a spot available in the market.

Among different investments, RedBird Capital owns the Italian soccer group AC Milan.