Daily Mail Launches £500M Bid to Take Over the Telegraph in Explosive Media Shake-Up

Daily Mail and General Trust (DMGT) has entered exclusive negotiations to acquire the Telegraph Media Group (TMG) in a deal valued at approximately £500 million. The proposed agreement, which includes both The Daily Telegraph and The Sunday Telegraph, signals a potential consolidation of Britain's right-leaning press following the collapse of a previous bid by a UAE-backed consortium.

RedBird's Failed Takeover Bid

RedBird Capital Partners, a US-based investment firm, has formally withdrawn from the acquisition process. The firm had previously sought to buy these media assets, but faced legislative opposition due to the involvement of Abu Dhabi's IMI group, which is owned by the Abu Dhabi royal family.

'RedBird has today withdrawn its bid for the Telegraph Media Group (TMG),' the spokesman of RedBird said in a statement via The Telegraph. 'We remain fully confident that The Telegraph and its world-class team have a bright future ahead of them and we will work hard to help secure a solution which is in the best interests of employees and readers.'

RedBird Capital had been the primary contender to meet the valuation. The company formed a joint venture with UAE-backed International Media Investments (IMI), operating under the entity called RedBird IMI.

RedBird IMI effectively gained control of TMG in 2023 by providing a loan that enabled the Barclay family to pay off their outstanding debts with Lloyds Bank.

'I will now work with the board of independent directors on next steps and what this means for the future ownership of the business,' Telegraph Media Group's chief executive officer, Anna Jones, said. 'This process has been challenging and unpredictable but your hard work and continued patience are a credit to you all.'

Daily Mail Publisher Steps In to Acquire TMG

DMGT has stepped in to acquire TMG following RedBird IMI's withdrawal from the deal. If the transaction is approved and finalised, it would merge two of Britain's most prominent right-leaning news outlets, prompting scrutiny over the concentration of media power.

The Daily Mail owner stated that it aims to finalise the deal as quickly as possible. The company also said it is currently compiling the necessary documents for regulatory approval, with submissions expected soon.

The acquisition would add The Telegraph to DMGT's expanding portfolio, which already includes such as Metro, Daily Mail, New Scientist, and Mail on Sunday. DMGT emphasised that the Telegraph would maintain editorial independence after the deal, operating as a separate brand from its other publications.