RedBird Capital's Failed Bid for the Telegraph Leaves Titles in Limbo
The withdrawal of RedBird Capital's bid to acquire the Telegraph has plunged the newspaper's future into uncertainty, raising questions about the dogged refusal of its sellers to drop their £500m asking price.
The latest blow comes after a consortium including UAE fund International Media Investments and Daily Mail owner Sir Leonard Blavatnik also dropped its bid abruptly without explanation. The move has left the newsroom reeling, with many staff members feeling demoralised by the ongoing saga.
"We're sick of being the story," says one frustrated member of the newsroom, lamenting the open warfare waged by the Daily and Sunday Telegraph targeting RedBird Capital's Gerry Cardinale. "This sorry saga has dragged on for more than two years now, and most of us just want to see the back of it."
The Telegraph's price tag has been a major sticking point, with many analysts believing that a more representative price is in the region of £350m. However, RedBird IMI's insistence on £500m to recoup its £600m loan has frozen out other potential suitors.
GB News investor Sir Paul Marshall, who acquired the Spectator last September for £100m and had expressed interest in the wider Telegraph Media Group before being frozen out on price, is now likely to re-enter the fray. His prospective bid may well reignite his desire to create a right-wing media empire.
The Telegraph's owners, RedBird IMI, have confirmed that their priority remains to "end the uncertainty and secure the Telegraph's long-term success." However, with the newsroom still in limbo, it remains to be seen whether a new deal can be brokered.
The withdrawal of RedBird Capital's bid to acquire the Telegraph has plunged the newspaper's future into uncertainty, raising questions about the dogged refusal of its sellers to drop their £500m asking price.
The latest blow comes after a consortium including UAE fund International Media Investments and Daily Mail owner Sir Leonard Blavatnik also dropped its bid abruptly without explanation. The move has left the newsroom reeling, with many staff members feeling demoralised by the ongoing saga.
"We're sick of being the story," says one frustrated member of the newsroom, lamenting the open warfare waged by the Daily and Sunday Telegraph targeting RedBird Capital's Gerry Cardinale. "This sorry saga has dragged on for more than two years now, and most of us just want to see the back of it."
The Telegraph's price tag has been a major sticking point, with many analysts believing that a more representative price is in the region of £350m. However, RedBird IMI's insistence on £500m to recoup its £600m loan has frozen out other potential suitors.
GB News investor Sir Paul Marshall, who acquired the Spectator last September for £100m and had expressed interest in the wider Telegraph Media Group before being frozen out on price, is now likely to re-enter the fray. His prospective bid may well reignite his desire to create a right-wing media empire.
The Telegraph's owners, RedBird IMI, have confirmed that their priority remains to "end the uncertainty and secure the Telegraph's long-term success." However, with the newsroom still in limbo, it remains to be seen whether a new deal can be brokered.
It feels like no one's getting anywhere. First RedBird Capital pulls out, then another group drops its bid without saying a word... and now Sir Paul Marshall is trying to make a comeback. Can't they just agree on a price already? 
It's all so frustrating. And the staff are caught in the middle - I feel bad for them, really. They just want some stability and peace of mind. Is it too much to ask for that from their employers? 
. £500m is just crazy talk, I mean who throws that kind of money at a newspaper? It's like they're playing some kind of twisted game of high stakes poker 
. The staff is right though, being stuck in this limbo is no way to treat people 
. I just hope someone comes along and offers them a lifeline before it's too late 
.
The staff are literally burnt out from this whole ordeal, and it's not like there's even a guarantee that whoever buys the paper will prioritize good journalism over profit margins 
.
like it's doin this tiny little dance on its perch and then suddenly it drops down and starts peckin at the floor... i mean what even is that?! anyway, back to this telegraph thingy... £500m seems like so much money... do u think they'll ever sell?