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The Redbird Capital Partners of Gerry Cardinale is designing plans to take over the Telegraph in an effort to end the two-year prolonged sale of the British newspaper group, people said on the issue.
According to plans still valued, the US private capital firm would reduce my ABU Dhabi -based shares in order to overcome opposition from the United Kingdom Government to Sovran foreign wealth owned by a majority of a British newspaper.
Redbird has held talks with a number of UK -based investment groups and investment groups to participate in a consortium, they added, though the US Fund manager would be the main investor.
Redbird has also spoken with potential partners who have expressed interest in the newspaper in the past, including the DMGT of Lord Rothermere, who owns the Daily Mail Rival.
Intervention by Cardinal, which is set to take over the group of Paramount media along with David Ellison’s independent film studio in Hollywood, Skydance, would bring to a long -term sales of a media group in British history.
A Redbird spokesman said: “Gerry Cardinale’s Redbird Capital partners are assessing the possibility of making the sole owner of the Telegraph media group.” DMGT refused to comment.
The sale of the newspaper began two years ago when Lloyds Banking Group captured control as a result of outstanding debts by the Barclay family, which had the Telegraph in 2004.
A deal hit to buy the Telegraph Media group from Redbird, a joint enterprise between the US private capital firm and investor Abu Dhabi, was later blocked by the former UK Conservative Government due to concerns to pass a state -backed foreign newspaper control.
Redbird IMI remains in talks with other potential buyers, including a group that includes Chelsea FC Todd Boehly co -owner and British newspaper veteran David Montgomery. Dovid Efune, owner of New York Sun, has also held talks with new investors to support a fresh offer to the newspaper, according to people close to talks.
However, Cardinale would probably be in the country of running for an agreement if he decided to continue, according to people, given that he already partially controls the newspaper with mine.
Redbird manages $ 12 billion in assets throughout his global sports, media and entertainment portfolio, and financial services companies. Redbird is advised by boutique investment advisers Robey Warshaw and Raine.
According to the deal hit last year, mine injected three -quarters of the money, with Redbird contributing the rest. Redbird IMI – led by former CNN chief Jeff Zucker – wants to at least compensate the money he has spent on the deal.
In past rival media groups, private capital investors and wealthy individuals, including Lord Saatchi, conservative colleagues, have expressed interest in the newspaper.
