American fund RedBird has pulled out of a deal to buy the British newspaper Telegraph for 500 million pounds (around 560 million euros), which he signed last May. That Telegraph is one of Britain’s leading conservative newspapers, widely read and influential among voters story. At present the reasons leading to the withdrawal of the offer, which was officially presented to the British government last month, have not been disclosed.
Most likely this is related to various bureaucratic controls and regulations imposed by the government, due to the presence among investors of IMI (International Media Investment), an Abu Dhabi company controlled by Sheikh Mansour bin Zayed al-Nahyan, who is also the vice president of the United Arab Emirates. Much criticism and concern has emerged around IMI regarding the newspaper’s independence, as well as the treatment given to journalists in the Gulf country. Several sources close to RedBird also claimed that the withdrawal of the offer was influenced by the position of the newspaper’s editorial team, which had challenged the purchase in various articles.
In 2023 Telegraph the newspaper was purchased through a joint venture between RedBird and IMI, but then the British government stepped in, banning direct foreign investment in national newspapers. The next administration, the current administration, then changed the rules, allowing foreign countries to buy up to 15 percent of shares in newspapers and magazines. The current offer is that IMI will get 15 percent of the shares.
