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Daily Mail publisher agrees £500m deal for Telegraph titles
The publisher of the Daily Mail has struck a £500 million agreement to acquire the Daily Telegraph and Sunday Telegraph, ending years of uncertainty over the newspapers' future. The Daily Mail and General Trust (DMGT) confirmed on Saturday it had entered exclusive talks with RedBird IMI, the joint venture between US private equity firm RedBird Capital Partners and the United Arab Emirates-backed IMI group.
Regulatory hurdles remain
The proposed deal requires approval from Culture Secretary Lisa Nandy, whose office stated she would assess the transaction under public interest and foreign ownership media merger rules. The Telegraph has been in ownership limbo since 2022, when RedBird IMI cleared the titles' debts from the Barclay family in anticipation of a full takeover.
Dame Caroline Dinenage, chair of the Commons Culture, Media and Sport Committee, welcomed the potential resolution, calling the prolonged uncertainty "unsustainable for the business and unsettling for staff." She urged the government to clarify its position "early next week," while acknowledging the need to safeguard media plurality.
DMGT pledges editorial independence
DMGT chairman Lord Rothermere described the Telegraph as "Britain's largest and best quality broadsheet," emphasizing its historical role in shaping national debate. He vowed to provide "much-needed certainty" to staff and resources to expand the newsroom under editor Chris Evans.
"The Daily Telegraph will become a global brand, just as the Daily Mail has," Rothermere said, adding that the title would retain editorial independence from DMGT's other assets, including the i, Metro, and New Scientist.
Collapse of RedBird's solo bid
RedBird Capital abandoned its standalone offer for the Telegraph last week, despite restructuring the bid to comply with UK laws capping foreign sovereign investment in media at 15%. Sources suggested internal opposition from the Telegraph newsroom contributed to the withdrawal. RedBird founder Gerry Cardinale had planned to grow the titles' US subscriber base, citing an untapped market.
A RedBird IMI spokesperson confirmed the DMGT agreement would be submitted "shortly" to Nandy for review, while Liberal Democrat peer Chris Fox cautioned against further media consolidation, urging regulators to scrutinize the deal's impact on market balance.
Next steps
Both parties expressed confidence in a swift resolution, though the government's timeline for a decision remains unclear. The Telegraph's 170-year history as a conservative-leaning broadsheet adds political weight to the review process.
