RedBird IMI has formally asked the Culture Secretary for permission to transfer its interest in Telegraph Media Group to DMGT in a £500 million deal, marking a crucial step towards ending months of uncertainty over the newspaper's ownership
DMGT moves closer to Telegraph acquisition as RedBird IMI seeks government approval
The proposed takeover of Telegraph Media Group by Daily Mail owner DMGT took a significant step forward Monday, as RedBird IMI formally requested government permission to transfer its stake in the historic British newspaper group.
In a letter to the Culture Secretary, RedBird IMI asked for consent to sell its loan agreement and call option over the Telegraph to DMGT, marking a crucial milestone in the £500 million deal announced last month.
DMGT will pay £400 million upfront with the remaining £100 million due within two years. The company has already secured financing from its longtime lender NatWest and finalised the transaction terms.
The move comes after months of uncertainty for Telegraph employees, following a controversial attempt by RedBird IMI—a joint venture involving Abu Dhabi-backed investment fund IMI—to acquire the outlet. That deal sparked concerns about foreign influence over a major British news organisation.
DMGT has emphasised the acquisition will be "completely free from any prohibited foreign state influence" and that the Telegraph will maintain editorial independence while benefiting from investment to expand internationally. The company positioned itself as a guardian of "quality, trusted journalism" at a time when traditional news outlets face growing competition from digital platforms and social media.
The government now holds the key to whether the deal can proceed.