In January 2024, Jeff Zucker, the former CNN president, flew to London to pitch a takeover of the media company to Ofcom on behalf of RedBird IMI, where he is the chief executive.
The Telegraph went up for sale in 2023 after Lloyds Banking Group took control of unpaid debts from the Barclay family, which acquired the newspaper in 2004. The Barclay family regained control of the Telegraph in December 2023 with the help of a loan from RedBird IMI, an Abu Dhabi-backed joint venture. However, the British government blocked the transfer of ownership to RedBird.
The Friday deal avoided that rule by providing IMI only a minority share in the paper.
RedBird’s focus on the US market comes as other British media outlets, including the BBC, The Guardian, and The Independent, have expanded their US coverage, often to great success. According to a May report, The Guardian grew its overall revenue by 25% on year, while The Independent in January reported a 75% year-over-year audience increase.
RedBird has major investments in media, entertainment, and sports in the UK. In 2024, the firm acquired All3Media, a British film and TV production and distribution company. The company also has a stake in the Premier League soccer club Liverpool and owns AC Milan in Italy’s Serie A. RedBird will also acquire the UK’s Channel 5 if Paramount Global’s merger with Skydance is approved.
RedBird has also invested in Ben Affleck and Matt Damon’s Artists Equity, LeBron James and Maverick Carter’s SpringHill Company, the YES Network, and has helped Skydance finance several productions, including Amazon’s “Reacher” and Paramount’s “Top Gun: Maverick.”
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