RedBird IMI Kicks Off Sale of Telegraph After UK Backlash [BNN Bloomberg (Canada)]
News Corporation - Class B (NWS)
US:NASDAQ Investor Relations:
investors.newscorp.com/investor-relations
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Source: BNN Bloomberg
The auction for the options over the media assets begins Tuesday and bidders have already approached the group with expressions of interest, RedBird IMI said in a statement on Tuesday. RedBird IMI said it would focus on securing the best possible value for the assets, “which remain highly attractive.” The decision comes after a backlash from members of the UK government, who objected to RedBird IMI's connections with the United Arab Emirates, and ultimately forced Prime Minister Rishi Sunak's government to pledge an effective ban on foreign states and their officials acquiring print news media in the country. The investor is a joint venture between RedBird Capital Partners and UAE Deputy Prime Minister Sheikh Mansour bin Zayed Al Nahyan's IMI. Read More: RedBird IMI to Drop Telegraph Bid, Leaving UK Paper for Sale “Our ownership would have seen the strongest editorial protections ever put forward for a UK newspaper, along with much-needed investment,” RedBird IMI said in the st
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