'The Telegraph’ is being sold for 650 million dollars - who is buying it?
The Chronify
The ownership of the influential British right-leaning newspaper The Telegraph is changing. Daily Mail’s parent company, General Trust PLC (DGMT), is buying it. The company has stated that a deal worth £500 million (650 million dollars) has been finalized to acquire The Telegraph.
A report by the British media outlet BBC says that the U.S.-based private investment firm RedBird Capital Partners had been trying to buy The Telegraph, one of the largest newspapers in the UK. However, they recently withdrew from the talks. A week later, a deal was struck with General Trust PLC.
According to The Financial Times, the price was set mainly so that the RedBird-led consortium could recover the money it had already spent. Various parties involved in the agreement have already entered an exclusive negotiation phase to finalize the transaction terms and prepare the required documents. They expect these discussions to be completed soon.
A spokesperson for RedBird IMI said, “DMGT and RedBird IMI worked quickly to reach the agreement announced on Saturday, which will soon be submitted to the foreign secretary.”
Meanwhile, The Telegraph did not respond to Reuters’ request for comment on the ownership transfer. A spokesperson for RedBird IMI reiterated, “DMGT and RedBird IMI worked quickly to reach the agreement announced on Saturday, which will soon be submitted to the foreign secretary.”
