Gulf State-Backed Fund Abandons Bid to Buy The Daily Telegraph Amidst Government Intervention
The Telegraph newspaper, owned by RedBird IMI, a fund backed by the UAE's Sheikh Mansour bin Zayed al Nahyan, is being put up for sale after the UK government's intervention.
The sale was announced following RedBird IMI's admission that its plans to buy the paper were no longer feasible due to the government's plans to ban foreign state ownership of UK newspapers.
The Daily Telegraph and The Spectator titles are now being sold.
RedBird IMI had previously reached a deal with the Barclay family to take control of the Telegraph group.
RedBird IMI, a US investment firm, intended to buy Telegraph Media Group from the Barclay brothers.
However, the deal was called off after the payment of debts to Lloyds Bank raised concerns from the Competition and Markets Authority and the media regulator.
The government also intervened by amending the Digital Markets, Competition and Consumers Bill, making the acquisition impossible.
RedBird believed the acquisition would benefit the Telegraph and the UK media landscape, but it is no longer feasible.
RedBird IMI, a potential buyer for the Telegraph Media Group, has been in discussions with the UK government about the sale structure.
Discussions included the possibility of selling the Telegraph titles and The Spectator separately.
RedBird stated on Tuesday that they still control the auction process and the potential for a split sale would depend on the bids they receive.
The Daily Telegraph and The Spectator titles are now being sold.
RedBird IMI had previously reached a deal with the Barclay family to take control of the Telegraph group.
RedBird IMI, a US investment firm, intended to buy Telegraph Media Group from the Barclay brothers.
However, the deal was called off after the payment of debts to Lloyds Bank raised concerns from the Competition and Markets Authority and the media regulator.
The government also intervened by amending the Digital Markets, Competition and Consumers Bill, making the acquisition impossible.
RedBird believed the acquisition would benefit the Telegraph and the UK media landscape, but it is no longer feasible.
RedBird IMI, a potential buyer for the Telegraph Media Group, has been in discussions with the UK government about the sale structure.
Discussions included the possibility of selling the Telegraph titles and The Spectator separately.
RedBird stated on Tuesday that they still control the auction process and the potential for a split sale would depend on the bids they receive.
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Translated by AI
