US investment firm RedBird pulls out of buying Britain’s Telegraph newspaper

U.S. concern steadfast RedBird Capital has dropped its connection to bargain the steadfast of Britain’s 170-year-old conservative-leaning Daily Telegraph paper for astir 500 cardinal pounds ($660 million)

LONDON -- U.S. concern steadfast RedBird Capital said Friday that it has dropped its connection to bargain the steadfast of Britain’s 170-year-old blimpish Daily Telegraph paper for astir 500 cardinal pounds ($660 million).

RedBird, which was starring a consortium for the purchase, said successful May that it had reached an in-principle statement to go the controlling proprietor of the Telegraph Media Group.

“We stay afloat assured that the Telegraph and its world-class squad person a agleam aboriginal up of them and we volition enactment hard to assistance unafraid a solution which is successful the champion interests of employees and readers," RedBird said successful a connection Friday.

The Telegraph radical publishes the regular and Sunday Telegraph newspapers, some of which are intimately allied to Britain’s Conservative Party.

The radical sold The Spectator, 1 of the world’s oldest governmental magazines, past twelvemonth for 100 cardinal pounds to hedge money capitalist Paul Marshall. He is the co-owner of U.K. transmission GB News, which launched 4 years agone arsenic a right-leaning, Fox News-style alternate to mainstream quality channels.

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