A “preliminary” £500m deal to end the two-year ownership impasse at the Daily Telegraph has been agreed, according to the newspaper.
It reported on Friday that a consortium led by US firm Redbird Capital was set to take control, with state-backed Abu Dhabi investment vehicle IMI among the investors.
The pair’s joint venture, known as RedBird IMI, had originally agreed to buy the Telegraph titles in 2023.
But prospects for a deal were held up by the previous Conservative government’s subsequent ban on foreign state ownership of UK newspapers.
That ban was based on fears around editorial independence, but those rules were relaxed earlier this month by the current government.
It is understood that UK-based media investors would be among the proposed owners within the consortium.
The Telegraph said that regulatory hurdles remained.
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