Abu Dhabi-backed fund to acquire The Telegraph

The following excerpt was sent out from The Telegraph:

An investment fund backed by Abu Dhabi has confirmed plans to take ownership of The Telegraph “at an early opportunity” as MPs on the culture select committee urgently discuss the implications for press freedom.

RedBird IMI, led by the former CNN chief Jeff Zucker and mostly funded by Abu Dhabi royalty, is in line to take control of The Telegraph within weeks as part of its efforts to build an international media empire.

A spokesman said: “Any transfer of ownership will of course be subject to regulatory review and we will continue to cooperate fully with the Government and the regulator.”

It added that The Telegraph’s operations will be solely managed by RedBird Capital, Abu Dhabi’s US private equity partner in RedBird IMI, distancing editorial matters from the Gulf state.

The spokesman continued: “International Media Investments [Abu Dhabi] will be a passive investor only.”

“RedBird IMI are entirely committed to maintaining the existing editorial team of the Telegraph and Spectator publications, and believe that editorial independence for these titles is essential to protecting their reputation and credibility.

“We are excited by the opportunity to support the titles’ existing management to expand the reach of the titles in the UK, the US and other English-speaking countries.”