Abu Dhabi-backed consortium RedBird IMI bids to take control of the Telegraph newspapers by providing finance to the Barclay family to repay their debt to Lloyds Banking Group.
Why it matters
The bid by RedBird IMI to take control of the Telegraph newspapers is significant as it could result in a change of ownership and control of a major UK media outlet. The bid will face regulatory scrutiny and has raised concerns among Conservative politicians, who are calling for a government investigation into the deal.
What the papers say
The Times says that the bid by RedBird IMI has prompted Conservative politicians to call for a government investigation into the deal. The Independent reports that the sales process for the Telegraph and Spectator publications has been paused until early December. BBC News highlights that any deal is likely to face close regulatory scrutiny. AP News notes that RedBird IMI has reached a deal with the Barclays to repay their debts to Lloyds Bank and take the titles out of receivership. The Guardian reports that a group of Conservative MPs have written to the government asking for an investigation into the deal under national security laws.
How we got here
The Barclay family lost control of the Telegraph newspapers earlier this year after failing to reach an agreement with Lloyds Banking Group over their outstanding debts. Lloyds appointed receivers to control the media assets and launched a sale process. RedBird IMI has now made a bid to refinance the family's debt and take control of the newspapers.
More on these topics
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It was founded by Arthur B. Sleigh in 1855 as
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Abu Dhabi is the capital and the second-most populous city of the United Arab Emirates. The city of Abu Dhabi is located on an island in the Persian Gulf, off the Central West Coast.
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom or Britain, is a sovereign country located off the northwestern coast of the European mainland.
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Lloyds Banking Group plc is a major British financial institution formed through the acquisition of HBOS by Lloyds TSB in 2009.
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