The Daily Mail’s publisher, Daily Mail and General Trust (DMGT), has announced an agreement to purchase the Daily and Sunday Telegraph for £500 million. This move comes after RedBird IMI, the current owner, put the Telegraph up for sale last Spring. Both parties involved in the transaction expect to finalize the deal shortly.
However, a key aspect of the sale is that it must be approved by Culture Secretary Lisa Nandy. A representative from her office stated that Nandy will assess any new ownership of the Telegraph through the lens of public interest and regulations concerning foreign state influence on media mergers.
DMGT chairman Lord Rothermere expressed his admiration for the Daily Telegraph, highlighting the importance of the publication in Britain’s media landscape. He indicated that the acquisition would provide security to the Telegraph’s staff and that under DMGT ownership, the Daily Telegraph could evolve into a global brand, similar to the Daily Mail.
RedBird IMI, the current owner, is a joint venture between a UAE entity and the US private equity firm RedBird Capital Partners. Notably, RedBird Capital had previously attempted to secure control of the Telegraph, but its bid failed last week amid concerns related to foreign influence in British media.
This acquisition could have significant implications for the UK media landscape, raising questions about ownership concentration and the influence of foreign entities in domestic outlets. As this story develops, further details will likely emerge.
Source: https://www.bbc.com/news/articles/cx2eg1w0n81o?at_medium=RSS&at_campaign=rss