The owner of the Daily Mail, Daily Mail and General Trust (DMGT), announced on Saturday that it has reached a £500 million (approximately $650 million) deal to purchase rival newspaper The Telegraph. This landmark acquisition, if finalized, would create one of the most dominant right-leaning media groups in Britain.
The deal follows the withdrawal of a bid last week by US-based private investment firm RedBird Capital Partners. RedBird-IMI, a joint venture, had previously acquired the Telegraph Media Group and The Spectator magazine in 2023, but the transaction faced severe regulatory hurdles after the government intervened to ban foreign state investment in UK newspapers.
Although RedBird sought approval under a revised structure—with Abu Dhabi-backed IMI capped as a minority investor at 15%—the slow regulatory process and sustained internal opposition from senior figures within The Telegraph’s newsroom prompted the consortium to withdraw.
A source close to RedBird confirmed that the acquisition price of roughly £500 million was set to repay the money spent by the RedBird-fronted consortium.
DMGT and RedBird IMI have entered a period of exclusivity to finalize the terms of the transaction and prepare the necessary regulatory submissions. In a statement, DMGT confirmed that the deal is structured to comply with the UK’s Foreign State Influence regime, as there will be no foreign state investment or capital in the funding structure.
DMGT already owns a stable of media brands that includes The Mail on Sunday, Metro, The i Paper, and New Scientist. Should the acquisition go through, DMGT stated that The Daily Telegraph will remain editorially independent from the other titles in the group.
A spokesperson for RedBird IMI confirmed the swift agreement: “DMGT and RedBird IMI have worked swiftly to reach the agreement announced today, which will shortly be submitted to the Secretary of State.”
