The American investors who have agreed to become the new owners of The Daily Telegraph have edged closer to gaining control of the newspaper by formally notifying the government of the deal.
Sky News understands that lawyers acting for RedBird Capital Partners, which will own a majority stake in the publisher if the deal is approved, submitted their detailed proposals to the Department for Culture, Media and Sport (DCMS) in the last few days.
The filing means that Lisa Nandy, the culture secretary, must decide whether to issue a new Public Interest Intervention Notice (PIIN) which would trigger further investigations into the takeover.
The notification by RedBird Capital’s lawyers should pave the way for the lifting of an interim enforcement order (IEO) imposed by Lucy Frazer, the then Conservative culture secretary, in December 2023, which prevented the acquirers from exerting any control over the Telegraph.
Insiders believe that the removal of the IEO will result in the DCMS issuing a new PIIN, which would prompt investigations by Ofcom and the Competition and Markets Authority into the £500m takeover.
A previous PIIN was issued in January 2024 when RedBird intended to buy the Telegraph titles in conjunction with Abu Dhabi state-controlled investor IMI.
Following a fraught legislative battle, IMI is now restricted to owning a maximum 15% stake in the newspapers – which it intends to acquire as part of the RedBird-led consortium.
Sky News has already revealed that Sir Leonard Blavatnik, owner of the DAZN sports streaming platform, and Daily Mail proprietor Lord Rothermere are preparing to buy minority stakes as part of the RedBird-led transaction.
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RedBird said in May that it was “in discussions with select UK-based minority investors with print media expertise and strong commitment to upholding the editorial values of the Telegraph”.
The Telegraph’s ownership…
