More change for the UK’s major publishers with agreement on the sale of the Daily Telegraph and approval for the takeover of regional publisher National World.
The 170-year-old Telegraph is set to be sold to a consortium led by US investment firm RedBird Capital Partners for “about” GBP£500 million (A$1044 million) after a lengthy takeover saga. RedBird founder Gerry Cardinale looks to growing the brand in the UK and internationally, as well as investing in its technology and expanding its subscriber base.
RedBird had been part of a consortium (RedBird IMI, with Sheikh Mansour bin Zayed Al Nahyan) that made an offer for the paper in 2023, but then pulled out following opposition from the UK government. IMI’s share will now be limited to under 15 per cent. RedBird’s interest include the AC Milan and Liverpool soccer teams, and a film production company.
Media Concierge has announced that its acquisition of National World been formally approved, with chief executive Malcolm Denmark marking “a significant milestone” for both parties.
National World becomes a private company backed by a family business. It owns more than 100 regional news brands including the Yorkshire Post, The Scotsman, Portsmouth News, Sheffield Star, The Newsletter and the Derry Journal.
Pictured: Change is nothing new in Portsmouth, where for the landmark former News Centre – built for the then evening daily’s 1968 transition into web-offset – is being demolished and will become a bus depot