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Sunday, Dec 10, 2023

Abu Dhabi-Backed Fund Poised to Assume Control of UK's Telegraph Media Group

RedBird IMI, a collaboration between RedBird Capital and Abu Dhabi's International Media Investments, is poised to acquire British media assets, The Telegraph newspapers, and The Spectator magazine. The investment fund announced an agreement to manage the Telegraph Media Group through a £600 million loan. This resolves unpaid obligations that had prompted the Barclay family, owners for almost 20 years, to put the group up for sale.

The deal will repay the Telegraph's debts to Lloyds Bank and avoid receivership.

Moreover, RedBird IMI plans to convert another large loan into equity, subject to regulatory approval, which could lead to full ownership.

Jeff Zucker of RedBird Capital is to oversee the publications, with IMI as a silent partner.

This development comes amid concerns from Conservative MPs, who urge the government to examine the national security implications of such foreign investment in UK media.

RedBird IMI asserts its commitment to the media group's editorial integrity and awaits a regulatory review.

The Barclay brothers had acquired the Telegraph Media Group in 2004 for £665 million, but financial challenges emerged when the Bank of Scotland appointed receivers in June due to a £1 billion debt default.

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