A consortium led by U.S. investment firm Redbird Capital Partners has agreed to buy the publisher of Britain’s 170-year-old Daily Telegraph newspaper for about $674 million
LONDON — A consortium led by U.S. investment firm RedBird Capital Partners has agreed to buy the publisher of Britain’s 170-year-old Daily Telegraph newspaper for about 500 million pounds ($674 million), the two sides said Friday.
Redbird said it has reached an agreement in principle to become controlling owner of the Telegraph Media Group, ending a lengthy takeover saga for the conservative-leaning newspaper.
Gerry Cardinale, founder and managing partner of RedBird, said the sale “marks the start of a new era for The Telegraph as we look to grow the brand in the U.K. and internationally, invest in its technology and expand its subscriber base.”
The group, previously owned by Britain’s Barclay family, was put up for sale two years ago to help pay off the family’s debts. It pub