Jeff Zucker's RedBird IMI to Sell Telegraph Group Rights After UK Blocks Buyout [Yahoo! Finance]
News Corporation - Class B (NWS)
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Source: Yahoo! Finance
The former CNN chief's media investment firm RedBird IMI said Tuesday it is auctioning its rights to the UK's Telegraph newspaper and Spectator Magazine after its $1.4 billion attempt to buy the influential conservative publications was essentially blocked “RedBird IMI has today confirmed that it intends to withdraw from its proposed acquisition of the Telegraph Media Group and proceed with a sale,” a RedBird IMI said in a statement to Reuters . “We have held constructive conversations with the government about ensuring a smooth and orderly sale for both titles.” The goal now is to get the best price for the publications, the statement said. The United Arab Emirates-backed firm already had several bidders interested in the titles, Bloomberg reported . It was the Abu Dhabi financing that led the UK government to move toward changing its laws to ban majority foreign ownership of its newspapers and magazines, preventing the RedBird IMI takeover. RedBird IMI is a joint venture fu
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