RedBird IMI withdraws from Telegraph deal, to sell UK newspaper

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Tue, 2024-04-30 09:36

LONDON: Abu Dhabi-backed RedBird IMI on Tuesday said it would sell the Telegraph after it scrapped its acquisition of the right-leaning newspaper group because government intervention meant the deal was “no longer feasible.”
RedBird IMI effectively took control of the Telegraph and the Spectator magazine in December when it repaid a debt owed by then-owner the Barclay family to Lloyds Bank, including a 600 million pound ($753 million) loan against the titles.

Culture Secretary Lucy Frazer said on Tuesday she would now allow RedBird IMI to conduct an orderly sale of the titles. (AFP/File)
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