The sale of the UK's Telegraph newspapers has been agreed, with US investment firm RedBird Capital set to pay £500 million for the titles.
RedBird was part of the RedBird IMI consortium that agreed to take control of the newspaper, founded in 1855, and its stablemate, The Spectator, in 2023. That deal was held up by regulatory and legislative manoeuvres that have now reached a resolution.
“We’re delighted with this announcement and know that The Telegraph has a bright future under the control of Gerry Cardinale and RedBird Capital,” said a spokesperson for IMI. “This will end the uncertainty that has been facing The Telegraph, secure its future and enable it to thrive and grow for years to come.”
IMI is the parent company of The National and has its headquarters in the UAE.
The UK government blocked the transfer of ownership until it had set a threshold for the degree of foreign state ownership of the press. The Conservatives accepted a backbench amendment requiring a cap last year.
The new owners have put forward a plan to increase capital investment into digital operations, subscriptions and journalism within a vision to grow the brand internationally.
“This transaction marks the start of a new era for The Telegraph as we look to grow the brand in the UK and internationally, invest in its technology and expand its subscriber base,” said Mr Cardinale, founder and managing partner of RedBird. “We believe that the UK is a great place to invest, and this acquisition is an important part of RedBird’s growing portfolio of media and entertainment companies in the UK.”
After its editorial operation became a protagonist in the sales process, The Telegraph management said on Friday that it welcomed moves to resolve its future.
“RedBird Capital Partners have exciting growth plans that build on our success and will unlock our full potential across the breadth of our business,” said Anna Jones, chief executive of Telegraph Media Group.
RedBird Capital Partners said it will be “the sole control owner” as it “unlocks a new era of growth for the title”. The paper has plans to celebrate its 170th anniversary next month. It is a Conservative-aligned title that was once the UK's top-selling broadsheet.
The US group added that it is in “discussions with select UK-based minority investors with print media expertise and strong commitment to upholding the editorial values” of the paper.
Proposed rules will allow foreign states to own as much as 15 per cent of key British newspapers. The change is designed to protect media plurality while helping struggling publishers “raise vital funding”, Culture Secretary Lisa Nandy said this month.
The Barclay family lost control of the Telegraph Media Group after almost two decades when Lloyds Banking Group intervened to secure more than £1.2 billion of overdue debt in 2023.
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Tamkeen's offering
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The bio
Studied up to grade 12 in Vatanappally, a village in India’s southern Thrissur district
Was a middle distance state athletics champion in school
Enjoys driving to Fujairah and Ras Al Khaimah with family
His dream is to continue working as a social worker and help people
Has seven diaries in which he has jotted down notes about his work and money he earned
Keeps the diaries in his car to remember his journey in the Emirates
