AC Milan’s owners RedBird Capital are expanding their media empire as they have led a consortium that has bought The Telegraph.
As The Guardian report, a group led by the US private equity company RedBird have agreed to buy the Telegraph for £500m. Gerry Cardinale has ‘signed a deal in principle’ that will result in the Daily Telegraph and Sunday Telegraph coming under the ownership of a consortium.
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He also gave a comment regarding the purchase: “This transaction marks the start of a new era for the Telegraph as we look to grow the brand in the UK and internationally, invest in its technology and expand its subscriber base.
“We believe the UK is a great place to invest [and] we have tremendous conviction in the growth potential of this incredibly important cultural institution.”
There are British investors involved in the takeover, while the report mentions that RedBird have been ‘in talks with potential investors’ including Lord Rothermere’s DMGT – the owner of the Daily Mail, Metro and New Scientist – about taking a stake of 9.9%.
RedBird Capital are buying Telegraph Media Group from RedBird IMI. The US private equity group contributed a quarter of the funding to RedBird IMI, which is controlled by Sheikh Mansour bin Zayed al-Nahyan, the vice-president of the United Arab Emirates and the owner of Manchester City.
The British government passed a law blocking foreign states or associated individuals from owning newspaper assets in the UK last Spring and thus they were forced to look to sell their stake in the company.
IMI are to ‘retain an investment in The Telegraph’ but – as per the government’s most recent update last week – the maximum stake they are able to own is 15% in British newspapers.
The news comes at a time when there is great uncertainty surrounding one of RedBird’s other assets, AC Milan. There are more protests planned about the running of the club, and a worsening financial situation due to poor on-field reports.
So Cardinale is apparently dreaming of becoming the next Rupert Murdoch, how comforting. Yikes.
What a waste of money. Newspaper are finished.
ChatGPT:
No, Telegraph Media Group (TMG) did not turn a profit in 2023. Despite strong operational performance, the company reported a record loss of £244.6 million
where’s your millions since you are so smart? Or do you just like chatting sh*t online behind a keyboard?
Boulden, I bet you don’t even have a job.
If Mr. Cardinale has the money to buy a newspaper but not enough to settle his debts with Elliott, it means my beloved Milan will soon change ownership, and maybe that’s not such a bad thing. We will have to accept the sale of some valuable players, a price to pay to balance the books and get rid of these arrogant incompetents.
To my recollection he renewed his loans with Elliot Management in the fall of 2024 so he first will have to pay them off in 2028 so as things stands I doubt he will sell any time soon, unfortunately.
Red Bird – Elliott it’s the same. There is no difference.
Only difference is if Red Bird and Elliott are willing both to sell Milan. But as you wrote, no way soon….
Its clearly two different entities so I have to disagree here on that part even if Elliot Management also has some of its own people within the club but that was just part of the deal. I do nevertheless agree on the last part due to the fact that RedBird owes Elliot Management roughly 500 mil they probably could hinder a sale if they wouldn’t accept it.
Clownen Gerry Anale
Telegraph now going bankrut.😂
Telegraph main news “Cardinali gives no fk to Milan. Its another new insult to italian heritage”
And here I was thinking Cardinale is trying to find someone to buy him out of Milan shares…
Great even less money to invest in our milan.
Stretched too thinly? That’s alot to take on even of you’re a high performing professional. Wonder what’s the plan for Telegraph….gut it and start over, like with Milan?