An investment group supported by Abu Dhabi has decided to withdraw its bid to acquire the Telegraph Media Group (TMG) in the UK following government opposition.
RedBird IMI, a partnership between RedBird Capital from the US and International Media Investments from Abu Dhabi, had reached a 1.2 billion-pound deal with TMG’s previous owners, the Barclay family, in November.
The deal, criticized for its potential impact on freedom of speech due to Abu Dhabi’s press freedom reputation, involved RedBird IMI clearing bank debts in exchange for control of the media group.
However, the UK government announced plans to block state-backed takeovers in the industry, prompting RedBird IMI to abandon its efforts to acquire TMG, which includes The Spectator magazine.
In a statement, RedBird IMI confirmed their decision to withdraw from the acquisition, expressing disappointment that their approach could no longer be pursued.
They now aim to ensure stability for employees and readers by seeking new owners for the publications, which are considered highly desirable assets for potential buyers.
‘Cornerstone’
Culture Secretary Lucy Frazer emphasized the importance of protecting media freedom while investigating concerns related to the deal.
She stated that she would oversee the transition process and be prepared to take further regulatory action if necessary to safeguard press freedom.
Preserving a free press is…
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