UK newspaper The Telegraph set for US ownership

British right-wing newspaper The Telegraph has agreed a takeover by US investment group RedBird Capital Partners, ending a two-year saga marked by UK government intervention over press freedoms.

RedBird has struck an "in-principle agreement" to purchase The Telegraph Media Group (TMG), which comprises the 170-year-old paper's print and online operations, for £500 million ($670 million), the pair announced in a statement yesterday.

It concludes a protracted sale that involved an intervention by the previous Conservative government.

US-Emirati consortium RedBird IMI, comprising Redbird Capital, had already struck a deal for TMG in late 2023.

However, the previous UK government triggered a swift resale amid concern over the potential impact on freedom of speech given Abu Dhabi's press censorship record.