RedBird Capital Withdraws Bid for Telegraph Titles
The firm’s earlier attempt to purchase the newspapers was blocked after government ministers raised concerns about the financing from Abu Dhabi–owned IMI Group.
In response, authorities subsequently established rules restricting foreign sovereign wealth funds to holding no more than a 15% stake in UK newspapers.
A spokesperson for RedBird told a news agency that the company remained optimistic about the Telegraph’s “bright future” and would continue to pursue a resolution “in the best interests of employees and readers.”
RedBird has also encountered wider scrutiny over investments it receives from Chinese and Gulf-based supporters.
IMI Group, which cleared the debts of the Telegraph’s previous owners, the Barclay family, stated it remained dedicated to ensuring a sustainable future for the publications and continued discussions with potential purchasers.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
