The long-running sale of The Daily Telegraph has finally reached its conclusion. On November 22, 2025, Daily Mail and General Trust (DMGT), controlled by Lord Rothermere, announced it had struck a £500 million ($650 million) agreement to acquire Telegraph Media Group from the RedBird IMI consortium. The deal, first reported by the Financial Times and swiftly confirmed by DMGT itself, brings to an end one of the most politically charged media auctions in recent British history.
A Two-Year Saga of Foreign Ownership FearsThe Telegraph Media Group – publisher of The Daily Telegraph, The Sunday Telegraph and The Spectator magazine – was put up for sale in 2023 after Lloyds Banking Group seized control from the Barclay family due to unpaid debts.
The process quickly became controversial when a RedBird Capital Partners and International Media Investments (IMI, Abu Dhabi-backed) joint venture stepped in and took control of the titles by repaying the Barclay family loans in late 2023.
The then-Conservative government, alarmed by the prospect of indirect Abu Dhabi state influence over a major British newspaper, passed emergency legislation effectively banning foreign state ownership of UK news media. RedBird IMI spent most of 2024 trying to restructure the deal – proposing to cap IMI’s stake at 15% and place the titles into an independent trust – but faced repeated delays in regulatory clearance and fierce internal opposition from senior Telegraph journalists.
On November 14, 2025, RedBird Capital formally withdrew, clearing the path for other bidders. Just eight days later, DMGT emerged as the buyer.
Deal Structure and Key Terms
“DMGT and RedBird IMI have worked swiftly to reach the agreement announced today, which will shortly be submitted to the Secretary of State.”
What the Combined Group Will Look LikeOnce completed, the new entity will be the undisputed heavyweight of Britain’s right-leaning press:
MailOnline’s extraordinary digital success (over 300 million monthly unique visitors globally) gives DMGT a powerful advantage that The Telegraph has struggled to replicate. Expect significant investment in Telegraph.co.uk and a likely push toward integrated subscription bundles similar to the highly successful Mail+ model.
Regulatory and Political OutlookWhile the removal of Abu Dhabi funding eliminates the primary obstacle that scuppered RedBird IMI, the deal is still likely to attract scrutiny from Ofcom and the Competition and Markets Authority on media plurality grounds.
However, sources close to the transaction suggest the new Labour government is far less ideologically opposed to domestic consolidation than it was to foreign state involvement, and approval is widely expected in early 2026.
What This Means for British Media
Final TakeawayThis is not just another media deal – it is the most significant reshaping of the British conservative media landscape in a generation.
DMGT has pulled off what many thought impossible: acquiring one of the country’s most prestigious titles at what appears to be a bargain price after RedBird IMI absorbed two years of holding costs and regulatory frustration.
For Lord Rothermere, it is the crowning achievement of a decades-long strategy to build a transatlantic digital news giant while maintaining control of some of Britain’s most storied print brands.
The deal is not yet signed, but barring unforeseen regulatory intervention, Britain’s newspaper map has already been redrawn.
A Two-Year Saga of Foreign Ownership FearsThe Telegraph Media Group – publisher of The Daily Telegraph, The Sunday Telegraph and The Spectator magazine – was put up for sale in 2023 after Lloyds Banking Group seized control from the Barclay family due to unpaid debts.
The process quickly became controversial when a RedBird Capital Partners and International Media Investments (IMI, Abu Dhabi-backed) joint venture stepped in and took control of the titles by repaying the Barclay family loans in late 2023.
The then-Conservative government, alarmed by the prospect of indirect Abu Dhabi state influence over a major British newspaper, passed emergency legislation effectively banning foreign state ownership of UK news media. RedBird IMI spent most of 2024 trying to restructure the deal – proposing to cap IMI’s stake at 15% and place the titles into an independent trust – but faced repeated delays in regulatory clearance and fierce internal opposition from senior Telegraph journalists.
On November 14, 2025, RedBird Capital formally withdrew, clearing the path for other bidders. Just eight days later, DMGT emerged as the buyer.
Deal Structure and Key Terms
- Purchase price: £500 million (widely reported as structured primarily to repay the amount RedBird IMI had already injected to clear the Barclay debts)
- Exclusivity period now in place to finalise definitive agreements
- Transaction to be submitted to the Secretary of State for Culture, Media and Sport imminently
- Crucially, DMGT has confirmed there will be no foreign state investment or capital in the funding structure, ensuring compliance with the UK’s new Foreign State Influence regime
- The Daily Telegraph will remain editorially independent from DMGT’s other titles
“DMGT and RedBird IMI have worked swiftly to reach the agreement announced today, which will shortly be submitted to the Secretary of State.”
What the Combined Group Will Look LikeOnce completed, the new entity will be the undisputed heavyweight of Britain’s right-leaning press:
- Daily Mail + Mail on Sunday (print + MailOnline – the world’s most-read English-language news website)
- The Daily Telegraph + Sunday Telegraph
- The Spectator (already highly profitable and influential)
- Metro, i newspaper, New Scientist and a host of regional titles
MailOnline’s extraordinary digital success (over 300 million monthly unique visitors globally) gives DMGT a powerful advantage that The Telegraph has struggled to replicate. Expect significant investment in Telegraph.co.uk and a likely push toward integrated subscription bundles similar to the highly successful Mail+ model.
Regulatory and Political OutlookWhile the removal of Abu Dhabi funding eliminates the primary obstacle that scuppered RedBird IMI, the deal is still likely to attract scrutiny from Ofcom and the Competition and Markets Authority on media plurality grounds.
However, sources close to the transaction suggest the new Labour government is far less ideologically opposed to domestic consolidation than it was to foreign state involvement, and approval is widely expected in early 2026.
What This Means for British Media
- Strengthened conservative voice at a time when right-leaning outlets have faced advertising and platform challenges
- Digital acceleration for The Telegraph – finally gaining access to the Mail’s industry-leading online monetisation machine
- Further consolidation in an already concentrated UK newspaper market
- End of The Spectator independence speculation – the magazine stays under the same ultimate ownership as before the auction began
Final TakeawayThis is not just another media deal – it is the most significant reshaping of the British conservative media landscape in a generation.
DMGT has pulled off what many thought impossible: acquiring one of the country’s most prestigious titles at what appears to be a bargain price after RedBird IMI absorbed two years of holding costs and regulatory frustration.
For Lord Rothermere, it is the crowning achievement of a decades-long strategy to build a transatlantic digital news giant while maintaining control of some of Britain’s most storied print brands.
The deal is not yet signed, but barring unforeseen regulatory intervention, Britain’s newspaper map has already been redrawn.
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