Daily Mail Publisher Strikes £500m Deal to Acquire Daily Telegraph
The publisher of the Daily Mail has reached an agreement to buy the Daily and Sunday Telegraph for £500m, marking a major shift in the UK media landscape.
Daily Mail and General Trust (DMGT) confirmed it has entered formal discussions with RedBird IMI, the consortium that had previously sought to take control of the Telegraph titles before its bid collapsed last week. RedBird IMI is backed by the United Arab Emirates and US-based RedBird Capital Partners.
The proposed takeover still requires approval from Culture Secretary Lisa Nandy. Her spokesperson said any acquisition would be assessed under public interest and foreign state influence rules governing media mergers.
The Telegraph has faced prolonged uncertainty since 2022, when RedBird IMI paid off the debts of its former owners, the Barclay family, in an attempt to secure ownership. That effort ended after concerns over foreign involvement and regulatory scrutiny.
MP Dame Caroline Dineage, who chairs the Culture, Media and Sport Committee, welcomed movement toward resolving the long-running situation but stressed the importance of maintaining media plurality. She urged the government to clarify its position soon.
DMGT chairman Lord Rothermere said he had “long admired the Daily Telegraph” and pledged stability for staff after years of disruption. He said the newspaper would remain editorially independent from the group’s other titles, which include the Daily Mail, Mail on Sunday, Metro, the i Paper and New Scientist.
“Under our ownership, the Daily Telegraph will become a global brand, just as the Daily Mail has,” Lord Rothermere said, adding that editor Chris Evans would receive backing to invest in the newsroom.
DMGT and RedBird IMI expect the deal to be finalised quickly. Both parties said the transaction meets regulatory requirements and involves no foreign state funding in its structure.
Political reaction has been cautious. Liberal Democrat peer Chris Fox said reducing uncertainty for the Telegraph was welcome but warned against further concentration of media influence, urging the competition regulator to scrutinise the agreement thoroughly.
RedBird Capital’s earlier attempt to buy the Telegraph was rebuffed under new laws limiting foreign sovereign wealth funds to a maximum 15% stake in UK news organisations. Though its revised bid met the criteria, the company withdrew last week, with sources suggesting internal resistance from Telegraph journalists contributed to the decision.
RedBird founder Gerry Cardinale had hoped to expand the Telegraph’s presence in the US market. The firm’s investment portfolio includes Italian football club AC Milan.
