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The owner of the U.K.’s Daily Mail newspaper, Daily Mail & General Trust (DMGT), on Saturday announced a £500 million ($653.97 million) agreement with U.S.-Emirati consortium RedBird-IMI to acquire Telegraph Media Group, the publisher of The Telegraph and The Sunday Telegraph.
This acquisition would expand DMGT’s portfolio to include its long-standing rival, potentially consolidating its position as one of the largest media conglomerates in the United Kingdom.
DMGT, chaired by Lord Rothermere, has previously expressed interest in acquiring the Telegraph titles and was set to take a 10% stake in an earlier consortium effort that ultimately fell through.
Rothermere, in a public statement, emphasized his personal admiration for The Daily Telegraph, referring to it as "Britain’s largest and best-quality broadsheet newspaper" with a historic role in shaping national discourse.
The company said editorial teams at the Daily Mail and the Telegraph would remain separate, and it intends to invest in expanding the Telegraph’s reach as a global media brand.
Although the two parties described the acquisition process as moving "swiftly," the deal is expected to undergo detailed scrutiny by the U.K.’s Competition and Markets Authority (CMA).
RedBird IMI, a joint venture between RedBird Capital and Abu Dhabi’s International Media Investments, had struck a deal for Telegraph Media Group in late 2023. But the UK’s former Conservative government forced a resale over press freedom concerns tied to Abu Dhabi’s media control.
The DMGT deal comes just a week after RedBird Capital abandoned its renewed £500 million bid following renewed government pressure.
The British government’s rules prohibit direct ownership of newspapers by foreign states, a factor that led RedBird Capital to assume a junior role in the consortium. IMI, which is controlled by Sheikh Mansour bin Zayed Al Nahyan, vice-president of the United Arab Emirates and owner of Manchester City Football Club, was unable to independently hold ownership under the updated guidelines.
DMGT already handles advertising sales for the Telegraph titles and said the acquisition would bring “much-needed certainty” to Telegraph staff following over two years of sale-related uncertainty. A spokesperson for RedBird IMI stated that the agreement would soon be submitted to the UK’s Secretary of State for approval.
RedBird IMI emerged as a buyer after foreign ownership restrictions were tightened. While RedBird Capital had initially pursued full acquisition of the Telegraph titles, it was forced to withdraw due to compliance challenges. The current deal allows DMGT to take over the assets directly, with RedBird IMI facilitating the handover.
The Telegraph, founded in 1855, is among Britain’s most established broadsheet newspapers.
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