The Daily Mail’s parent company, Daily Mail and General Trust (DMGT), announced on Saturday that it has agreed to a landmark £500 million (approximately $650 million) deal to acquire rival newspaper The Telegraph. If approved, the acquisition would consolidate DMGT’s position as one of the most powerful right-leaning media groups in the United Kingdom.
The agreement comes just days after RedBird Capital Partners, the US-based investment firm, abruptly withdrew its bid. RedBird-IMI — a joint venture between RedBird and Abu Dhabi-backed IMI — had originally purchased The Telegraph Media Group and The Spectator magazine in 2023. However, the deal hit major obstacles when the UK government intervened to block foreign state influence in British media ownership.
Despite restructuring the proposal to limit IMI to a 15% minority stake, regulatory scrutiny remained intense. Internal resistance from senior Telegraph journalists further complicated the process, prompting the consortium to ultimately walk away.
According to a source close to RedBird, the roughly £500m sale price agreed with DMGT will allow the consortium to recover its initial outlay from 2023.
DMGT and RedBird IMI have now entered a period of exclusivity to finalise the terms, complete regulatory submissions, and secure approval from the Secretary of State. DMGT emphasised that the funding structure will contain no foreign state capital, ensuring full compliance with the UK’s Foreign State Influence rules.
DMGT already owns a significant portfolio of British media outlets, including The Mail on Sunday, Metro, The i, and New Scientist. The company stated that, if the acquisition is approved, The Daily Telegraph will maintain complete editorial independence from other titles under the DMGT umbrella.
A spokesperson for RedBird IMI said both parties “worked swiftly to reach the agreement announced today,” noting that the full proposal will soon be submitted for government review.