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Lisa Nandy paves the way for Telegraph sale
Lisa Nandy paves the way for Telegraph sale
Christopher Williams
Fri, February 20, 2026 at 4:27 AM GMT+9 4 min read
The letter from Lisa Nandy, the Culture Secretary, to RedBird IMI does not mean that the Daily Mail’s takeover of the Telegraph will go ahead - Paul Grover
Lisa Nandy has given permission for the Daily Mail owner Lord Rothermere to take a crucial step towards his planned £500m takeover of The Telegraph.
In a letter to RedBird IMI, the UAE-backed venture which has held the option to acquire The Telegraph for more than two years, the Culture Secretary released legal restrictions on an onward sale.
It means that DMGT, Lord Rothermere’s holding company, is now able to pay the agreed price and take ownership of the option. It is not clear when money will change hands to lock in the deal.
DMGT has agreed to pay £400m initially, funded by a loan from NatWest. A further £100m deferred payment is due to RedBird IMI within two years.
It is understood that Lord Rothermere expects to complete the transaction much sooner via a broader refinancing of his business.
The price tag has been a significant factor in the extended uncertainty for The Telegraph. The UAE and its partner, the US private equity firm RedBird Capital, have repeatedly sought to recoup their £500m investment in full after being blocked from taking ownership of the publication.
When the investment was made, in December 2023, it was widely viewed as over the odds. It is now even more in question as the emergence of AI poses new challenges for digital publishers.
DMGT believes it is uniquely placed to make cost savings that can justify its outlay, however.
Ms Nandy’s letter to RedBird IMI does not mean that the takeover will go ahead. Last week the Culture Secretary referred the deal to Ofcom and the Competition and Markets Authority over her concerns that it threatens the plurality of views in the press and hands Lord Rothermere too much sway.
Months more wrangling
Those investigations are scheduled to last until the middle of June and could trigger months more wrangling if regulators substantiate those concerns. Lord Rothermere could seek to assuage them at that stage with undertakings to protect Telegraph editorial independence.
It is understood that the deal between Lord Rothermere and RedBird IMI includes provisions to share the risk that it could be blocked. That would threaten significant financial losses unless another buyer willing to pay £500m can be found.
The emergence of AI poses new challenges for digital publishers such as The Telegraph, whose newsroom is pictured - Geoff Pugh
Restrictions on an onward sale of The Telegraph by RedBird IMI were put in place by the previous Conservative government. They were intended to prevent the venture dodging regulatory hurdles or selling in anger to an unsuitable party.
Ministers believed there was a risk. The bid, 75pc-funded by UAE royalty, failed in acrimony after cross-party outcry over press freedom.
The unusual manoeuvre by which RedBird IMI sought control fuelled suspicions. The option it is now selling is effectively a debt secured against The Telegraph, designed to be immediately converted into ownership.
It was created in a complex transaction between RedBird IMI and the Barclay family, The Telegraph’s previous owners. The family convinced the UAE to pay off their £1.2bn overdue debt to Lloyds Banking Group via new loans structured to deliver control of The Telegraph.
The plan was blocked part-way through and plunged the newspaper to a damaging limbo in which crucial investments and strategic decisions have been impossible. Lord Rothermere has pledged to invest in the Telegraph’s growth.
Alongside permission to transfer the option, Ms Nandy imposed new restrictions known as a “pre-emptive action order” to prevent DMGT exercising influence over its takeover target before regulatory investigations are complete.
The Telegraph has been overseen for more than two and a half years by directors originally sent in by Lloyds and now required to report to Ms Nandy.
A DMGT spokesman said: “We welcome the decision by the Secretary of State for Culture, Media and Sport to grant RedBird IMI’s derogation request, which will allow for the sale of the loan note and call option over The Telegraph to DMGT.
“DMGT will comply fully with the pre-emptive action order and is looking forward to working constructively with the Government and regulators to secure a positive outcome for The Telegraph and its employees.”
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