US firm RedFowl strikes $675M deal for Britain’s – Business News
RedFowl Capital Partners has struck a $675 million deal to buy Britain’s Telegraph newspaper after a dramatic, drawn-out acquisition course of, the US non-public equity firm mentioned on Friday.
It’s the most important investment in UK print media in a decade, cementing RedFowl, which was based in 2014 by investor Gerry Cardinale, as the bulk proprietor of the 170-year-old conservative broadsheet — nicknamed the Torygraph.
As half of the deal, International Media Investments, which is backed by a member of Abu Dhabi’s royal household, Sheikh Mansour bin Zayed Al Nahyan, will take a minority stake within the Telegraph, subject to courtroom approval, RedFowl mentioned.
RedFowl Capital Partners has struck a $675 million deal to take over Britain’s Telegraph newspaper. Getty Images
RedFowl mentioned it is usually in talks with UK-based minority buyers “with print media expertise and strong commitment to upholding the editorial values of The Telegraph.”
This contains the proprietor of the UK’s Daily Mail newspaper, who’s wanting into a practically 10% stake, based on the Wall Street Journal.
Cardinale’s RedFowl has stakes in a number of media ventures, together with Skydance Media, which is awaiting approval of its $8 billion merger with Paramount Global.
The deal course of for the Telegraph has been something however clean crusing for RedFowl, which initially agreed to buy the Telegraph and its smaller sister paper the Spectator via a three way partnership with IMI in 2023.
But the British authorities blocked the takeover that very same yr following protests from Parliament over international entities buying UK media, for the reason that deal gave IMI a controlling stake within the Telegraph.
The three way partnership, RedFowl IMI, retained control of the Telegraph whereas it sought alternate bids.
Dovid Efune, the British-born proprietor of the New York Sun, emerged as a main contender to buy the Telegraph, however he struggled to secure financing earlier than a deadline final yr.
In the meantime, RedFowl IMI offered the Spectator for roughly $135 million to Paul Marshall, a British hedge fund supervisor who owns right-leaning media property like GB News and UnHerd.
RedFowl initially agreed to buy the Telegraph and its smaller sister paper the Spectator via a three way partnership with IMI in 2023. RedFowl
However, the British authorities introduced legal reforms final week permitting international entities to own stakes of up to fifteen% in UK newspapers, opening the door for the new Redbird and IMI deal.
RedFowl has additionally invested in Fenway Sports Group, which owns the Boston Red Sox and Liverpool FC; the New York Yankees’ sports activities community, and All3Media, the UK’s largest impartial TV and movie manufacturing company.
The Telegraph competes with a number of different right-leaning UK publications, together with the Times of London, which is owned by Rupert Murdoch’s News Corp. News Corp. additionally publishes The Post.
RedFowl mentioned it plans to invest within the Telegraph’s digital operations and deal with worldwide model growth, particularly within the US.
