Murdoch's News Corp eyes joint Telegraph bid with rivals, Bloomberg News reports
Reuters
Published Mar 11, 2024 04:49PM ET
Updated Mar 11, 2024 05:20PM ET
(Reuters) -Rupert Murdoch's News Corp (NASDAQ:NWSA) and the owner of the Daily Mail have held talks about a potential joint takeover of the Telegraph alongside the UAE-backed investment fund RedBird IMI (LON:IMI), Bloomberg News reported on Monday, citing people familiar with the matter.
A joint bid by the three would result in a smaller stake for Redbird IMI, according to the report.
The Abu Dhabi-backed buyout of the paper, which voices opinions within the governing Conservative Party, has provoked fears of foreign influence in news reporting which opponents say could threaten Britain's democracy.
Under one scenario that has been discussed, RedBird IMI would take a stake as low as 25% in the Telegraph in an attempt to satisfy concerns about foreign state interference, Bloomberg News reported.
News UK, RedBird IMI and the Telegraph declined to comment, while the Daily Mail did not immediately respond to a Reuters request for comment.
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Written By: Reuters
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