RedBird Capital Withdraws £500m Bid for Telegraph Media Group Amid Ownership Uncertainty
RedBird Capital Partners has withdrawn its £500 million bid to acquire Telegraph Media Group, ending the takeover attempt and increasing uncertainty over the future of the Telegraph titles following the Barclay family’s exit from the group in 2023.
The bid faced significant opposition from within the Telegraph newsroom and raised concerns about links to China, leading to potential regulatory scrutiny from Ofcom and the competition watchdog. Culture Secretary Lisa Nandy had been expected to decide whether the bid could progress.
Under the proposed deal, IMI, owned by Abu Dhabi’s Sheikh Mansour, would have retained around 15% ownership, while other investors including the Daily Mail owner and Leonard Blavatnik would have held approximately 10% each. This bid emerged after Labour eased the ban on foreign-state ownership of UK newspapers, prompting IMI to put the Telegraph up for sale in April last year.
Telegraph editor Chris Evans and senior editors expressed concerns over the ownership process and advocated for investment in journalism. RedBird denied any Chinese involvement or influence in the bid. IMI stated it would cooperate with government and regulatory bodies. Anna Jones, the Telegraph Media Group CEO, said the company's independent board would decide on the next steps.
In August 2024, nine human rights and freedom-of-expression organisations urged Lisa Nandy to halt the takeover and investigate RedBird’s alleged ties to China. A 2024 photograph of RedBird chair John Thornton with Cai Qi further fueled questions regarding potential Chinese influence in the ownership process.
