(Nov 22): Daily Mail & General Trust plc has reached a GBP500 million (US$655 million or $856.1 billion) agreement to acquire The Telegraph, days after the US private equity firm RedBird Capital Partners withdrew its offer to buy the right-leaning media organisation, the Financial Times (FT) reported on Saturday, citing people it didn’t identify.
The parties have entered a period of exclusivity to finalise terms, the FT said.
A deal would create a right-leaning media powerhouse at a time when the populist Reform UK party is striding ahead of Prime Minister Keir Starmer’s Labour Party in voter polls.
RedBird, founded by former Goldman Sachs banker Gerry Cardinale, had agreed in May to buy the owner of the Daily and Sunday Telegraph after a previous bid from RedBird IMI, a United Arab Emirates-backed vehicle, unravelled. It pulled its bid amid a backlash from the Telegraph Media Group’s staff and ahead of a government decision on whether to refer the offer to regulators for scrutiny.
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