RedBird Capital Partners has formally asked the UK government to approve its proposed acquisition of The Telegraph, according to an internal memo seen by Reuters and confirmed by the

U.S.-based investment firm.

If given the green light, RedBird would assume full ownership of the newspaper in a deal valuing the broadsheet at around £500 million ($667 million). Abu Dhabi-backed International Media Investments (IMI) will retain a minority stake capped at 15%, in line with UK rules limiting foreign state ownership in domestic media.

Ownership of The Telegraph, known for its conservative editorial stance, has been unsettled since IMI first acquired it and The Spectator magazine in 2023. That deal fell apart after the government at the time moved to ban direct foreign state investment in British newspapers, prompting a mandatory resale.

“This marks an important step forward as we work to bring stability to The Telegraph,” RedBird said in an internal statement. “Our belief in the paper’s long-term potential remains strong, even as journalism faces challenges from artificial intelligence, social media-driven news consumption, and broader technological disruption.”

The Department for Culture, Media and Sport confirmed receipt of RedBird’s request but declined to comment further.

A Public Interest Intervention Notice (PIIN) was first issued in January 2024 when RedBird and IMI sought joint control of the publication. Since then, the government has relaxed its restrictions, allowing foreign state-linked investors to hold up to a 15% stake in UK newspaper publishers—an adjustment that helped pave the way for the new deal.

The policy shift came after heated debate among lawmakers concerned about safeguarding press independence and limiting foreign political influence.

Founded in 2014, RedBird Capital manages around $12 billion in assets worldwide. Its portfolio includes stakes in AC Milan, Skydance Media, and a pending merger involving Paramount Global. Photo by Carlos Delgado, Wikimedia commons.