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Redbird Capital Partners of Gerry Cardinale provides plans to take control of the Telegraph in order to end the two -year sale of the British newspaper group, said people informed of the case.
Under the plans still evaluated, the American capital-investment company would reduce the participation of IMI based in Abu Dhabi in order to overcome the objections of the British government to have sovereign wealth abroad having the majority of a British newspaper.
Redbird had had interviews with a number of media and investment groups based in the United Kingdom to participate in a consortium, they added, although the American fund manager was the main investor.
Redbird also spoke with potential partners who have expressed their interest in the newspaper in the past, notably the DMGT of Lord Rothermere, which has its rival Daily Mail.
Cardinal's intervention, who is ready to Take the paramount media group With Skydance, the Hollywood film studio independent of David Ellison, would end one of the oldest sales of a media group in British history.
A Redbird spokesperson said: “The Redbird Capital Partners of Gerry Cardinale assesses the possibility of becoming the owner of the Telegraph media group alone.” DMGT refused to comment.
The sale of the newspaper started two years ago when Lloyds Banking Group took control following unpaid debts by the Barclay family, who had owned the telegraph since 2004.
An agreement concluded to buy the Telegraph Media Group by Redbird IMI, a joint venture between the US capital company and Abu Dhabi's investor, for approximately 550 million pounds Sterling was then blocked by the former British conservative government due to concerns concerning the control of the transmission of a newspaper influential to a stored foreign fund.
Redbird IMI remains in talks with other potential buyers, including a group including the co -owner of the Chelsea FC Todd Boehly and the veteran of British newspapers David Montgomery. Dovid Efune, owner of the New York Sun, also had interviews with new investors to support a new offer for the newspaper, according to people close to talks.
However, Cardinale would probably be in the driving seat for an agreement if he decided to proceed, according to people, since he already partially controls the newspaper with IMI.
Redbird manages $ 12 billion in assets in its global portfolio of sports, media and entertainment and financial services. Redbird IMI is recommended by investment bank advisers in the Dress Warshaw and Raine store.
As part of the agreement concluded last year, IMI injected three quarters of money, Redbird contributing the rest. Redbird IMI – managed by former CNN chief Jeff Zucker – at least wants to recover the money he spent for the agreement.
In former rival media groups, investors in investment and rich people, including Lord Saatchi, the conservative peer, expressed their interest in the newspaper.
