PULSE POINTS:
❓What Happened: A transatlantic consortium led by RedBird Capital Partners, where Jeff Zucker is an Operating Partner, has agreed to purchase The Telegraph newspaper from RedBird IMI, where Jeff Zucker is CEO.
👥 Who’s Involved: RedBird Capital Partners, RedBird IMI, Jeff Zucker, RedBird Capital Partners Chairman John Thornton, The Telegraph, and Britain’s governing Labour Party.
📍 Where & When: The United Kingdom, with the deal announced in 2023, pending regulatory approvals.
💬 Key Quote:
⚠️ Impact: Raises questions about media independence, potential foreign influence, and the future direction of the prominent British newspaper under new ownership.
IN FULL:
A transatlantic consortium led by U.S.-based RedBird Capital Partners has agreed to acquire The Telegraph newspaper, founded in 1855, for £500 million (~$675m). Previously, the newspaper was purchased by RedBird IMI, a subsidiary of RedBird Capital Partners, partnered with the United Arab Emirates’ International Media Investments (IMI) and helmed by former CNN President Jeff Zucker.
The RedBird IMI deal was derailed in 2023, due to the former Conservative Party government passing legislation curbing foreign state ownership of British media. IMI, owned primarily by Emirati royal and the UAE vice president Sheikh Mansour bin Zayed Al Nahyan, was the major partner in RedBird IMI, with the purchase raising concerns about foreign influence at Britain’s most prominent center-right media outlet.
When RedBird IMI finalizes The Telegraph‘s sale to RedBird Capital Partners, IMI will be only a minority stakeholder—provided the incumbent Labour Party government follows through with pending changes to the foreign ownership laws, allowing foreign state-owned investors to hold up to 15 percent of British newspaper publishers. However, the influence of Zucker, RedBird IMI’s CEO, will remain, as he is also an Operating Partner at RedBird Capital Partners.
Questions over foreign state influence on British media will also remain with The Telegraph under RedBird Capital Partners’ control, with chairman John Thornton having deep ties to the Chinese Communist Party (CCP). RedBird itself boasts on its website that Thornton, a former Goldman Sachs co-president, was “the first non-Chinese full professor at Tsinghua University in Beijing,” which is directly administered by the CCP, and notes he is also a member of the International Advisory Council of CIC, the Chinese sovereign wealth fund, and co-chair of the controversial Asia Society.