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The Telegraph is back on sale after the Abu Dhabi-backed consortium pulled out of the deal to acquire the British newspaper group.
On Tuesday, April 30, the paper was again on the market since the takeover bid from RedBird IMI investment fund had been withdrawn.
High-Profile Bidders Expected at the New Auction
According to The Washington Post, the PIF company backed out from the deal to acquire the Telegraph Media Group due to the strong opposition from the U.K. government.
RedBird IMI took back its £600 million proposal for the takeover of the company, which also owns the Daily Telegraph, Sunday Telegraph, and The Spectator magazine, after saying the new legislation means the deal is no longer feasible. The legislation bans foreign states from owning any UK-based newspapers and news magazines.
The deal's collapse between RedBird IMI and The Telegraph stirred up fresh auctions for the newspaper group. As the paper is up for sale again, the latter expects to attract several high-profile bidders.
Why the UK is Against the RedBird IMI’s Purchase of Telegraph
RedBird IMI is a consortium involving a partnership between United Arab Emirates Vice President Sheikh Mansour bin Zayed al-Nahyan and US-based RedBird Capital Partners. They decided to give up the bid after facing backlash from U.K. leaders who expressed concerns about the acquisition’s possible effects on freedom of expression and accurate news reporting.
“Our ownership would have seen the strongest editorial protections ever put forward for a UK newspaper, along with much-needed investment,” The Guardian quoted RedBird IMI as saying in a statement. “We continue to believe this approach would have benefited the Telegraph and Spectator’s readers, their journalists and the UK media landscape more widely but regrettably, it is clear this approach is no longer feasible.”
The investment fund group added, “Our focus now is on providing certainty to the employees and readers of the Telegraph and the Spectator, and securing best value for the assets, which remain highly attractive.”
Photo by: Kevin Grieve/Unsplash
