DMGT, the British media company, has signed an agreement with RedBird IMI over the acquisition of the Telegraph Media Group (TMG), which would value it at £500 million. It is a landmark agreement for the British press industry.
DMGT and RedBird IMI have entered a period of exclusivity to finalise the details of the transaction and prepare the necessary regulatory filings, which they expect to complete soon.
The deal would mean The Daily Telegraph and The Sunday Telegraph becoming part of DMGT’s stable of newspapers, which include the Daily Mail, The Mail on Sunday and the i, and would represent a consolidation of the publisher’s position on the right of Britain’s media landscape.
Lord Rothermere, chairman of DMGT, said: “I have long admired The Daily Telegraph. My family and I have an enduring love of newspapers and for the journalists that make them.
"The Daily Telegraph is Britain’s largest and best quality broadsheet newspaper, and I have grown up respecting it. It has a remarkable history and has played a vital role in shaping Britain’s national debate over many decades.”
RedBird IMI originally acquired The Telegraph titles as well as The Spectator magazine in 2023, but a retrospective change in British law forced the consortium to find a new buyer. The Spectator has since been sold for £100 million to the hedge fund manager Paul Marshall.
A RedBird IMI spokesman said: “DGMT and RedBird IMI have worked swiftly to reach the agreement announced today, which will shortly be submitted to the Secretary of State.”
RedBird IMI is a joint venture between RedBird Capital Partners, a New York-based private-equity firm founded and led by Gerry Cardinale, and IMI. IMI is the parent company of quality news outlets, including The National, and has its headquarters in the UAE. RedBird IMI is focused on investing in premium companies across news, media, entertainment, sports and live event verticals.
