US firm drops takeover of UK's Telegraph newspaper
The Peninsula
London: US investment group RedBird Capital Partners announced Friday it had abandoned its takeover of The Telegraph, reigniting uncertainty over the...
London: US investment group RedBird Capital Partners announced Friday it had abandoned its takeover of The Telegraph, reigniting uncertainty over the British newspaper's future.
RedBird said in a statement that it has "today withdrawn its bid for the Telegraph Media Group," which comprises the 170-year-old paper's print and online operations.
RedBird struck an "in-principle agreement" in May to purchase TMG for £500 million ($660 million).
The deal concluded a protracted sale lasting around two years, which involved an intervention by the previous Conservative government.
US-Emirati consortium RedBird IMI, a joint venture between RedBird Capital and Abu Dhabi's International Media Investments, had already struck a deal for TMG in late 2023.
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