US investment firm Redbird plans to buy Britain's Telegraph newspaper
RedBird said it has reached an agreement in principle to become the controlling owner of the Telegraph Media Group, ending a lengthy takeover saga for the conservative-leaning newspaper.
Gerry Cardinale, founder and managing partner of RedBird, said the sale 'marks the start of a new era for The Telegraph, as we look to grow the brand in the UK and internationally, invest in its technology and expand its subscriber base.'
The Telegraph group, previously owned by Britain's Barclay family, was put up for sale two years ago to help pay off the family's debts. It publishes the daily and Sunday Telegraph newspapers and weekly newsmagazine The Spectator, which are all closely allied to Britain's Conservative Party.
In 2023, there was an offer to buy the publications from RedBird IMI, a consortium backed by RedBird Capital Partners and Sheikh Mansour bin Zayed Al Nahyan, a member of Abu Dhabi's royal family and the vice president of the United Arab Emirates.
However, the consortium pulled out last year following strong opposition from the UK government, which launched legislation to block foreign state ownership of the British press.
Under the deal, Abu Dhabi's IMI will take a minority stake of not more than 15% in the Telegraph as a member of the consortium. The sale must be approved by British regulators.
RedBird has investments in soccer team AC Milan, the parent company of Liverpool football club and film production company Skydance.
Telegraph Media Group chief executive Anna Jones said that 'RedBird Capital Partners have exciting growth plans that build on our success — and will unlock our full potential across the breadth of our business.'
The Spectator was sold separately in September to British hedge fund investor Paul Marshall.
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Hamilton Spectator
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CNBC
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How London's rubber duck stores stay above water
If it looks like a duck, swims like a duck and quacks like a duck — then it could be one of the rubber specimens lining the shelves of Duck World, a string of colorful stores that are staying afloat as hundreds of other London retailers close their doors. Duck World's 700-strong rubber flock comprises every size, dress and profession, with a store employee telling CNBC that popular models include the superhero-inspired "Spidy Duck" and the tourist favorite "Telephone Booth" duck. Some are fluffy, ceramic or change color, though not all are designed to get wet. The company has four brick-and-mortar stores in London — all in prime real estate locations — and one in Miami. But with price tags ranging from £5 to triple digits, and data still singing the decline of the U.K.'s retail sector, there are questions over how Duck World is getting by. It turns out some of the hurdles facing broader British retail are affecting Duck World, too. 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Toys overall have been riding a high: SumUp found that in 2024, games and toy stores logged the second-highest increase in U.K. store openings since 2020. Internationally, meanwhile, Popmart's Labubu dolls have enjoyed meteoric fame after going viral on social media. The "trendification" of collectibles can come about from initial feelings of fun or nostalgia triggered by an item, "then someone else spots it and it sort of snowballs from there," Cathrine Jansson-Boyd, professor of consumer psychology at Anglia Ruskin University, told CNBC by email. "All of a sudden, the little items are status symbols. Not having one may therefore make people feel inferior, a feeling people don't like and such feelings can drive people to buy one," she said. "With many collectors' items, they are driven by social values, so once they are trending on TikTok, it is almost inevitable that the TikTok users will want one, whatever that may be." Jansson-Boyd stressed that buyers will typically be "dictated by their purse strings" and still cut back on small luxury purchases in the face of economic hardships — but the individual value attached to a collectible can play its part. "Such value incorporates aspects such as feelings of happiness, belonginess to a group and social interaction with other collectors. In some cases, the value can also be in terms of how what they collect represents who they are or who they want to be," she said. But being trendy comes with its own risks. "What happens when you become less fashionable? … can you still afford the rent?" De Mello questioned. Duck World's place in London's rental and retail world has been met with some questions, including over the legitimacy of the business. "[I was surprised by] the number of times, even when we hear it in passing, that people would post on Twitter, 'Are they money laundering?'" Fedotova said, categorically denying the allegations. "It's funny that people are so quick to accuse." Skepticism of small businesses popping up on Britain's high street has mounted over the years after some U.S.-style "candy shops" were linked to illicit activities. Local authorities have been cracking down on such establishments, particularly on and around London's high-traffic Oxford Street — a less than 20-minute walk away from Duck World's flagship store in Charing Cross. "Sweet success for @Citywestminster: the number of U.S. candy stores on Oxford Street has dropped to the lowest ever figure of 16 from a pandemic high of 40. Seizures of unsafe goods plus relentless pursuit of unpaid business rates is making life tough for unscrupulous traders," Westminster City Councilor Adam Hug said July 11. Duck World, though, is a legitimate business. It posted a small profit in the year to the end of March, 2024, and Britain's Network Rail — landlord of the chain's Liverpool Street and London Bridge station stores — told CNBC by email that "the Duck World units have been a popular and colourful addition to our pop-up line up." Despite skepticism over Duck World's origins, a tough retail environment and a rise in shoplifting, Fedotova struck an optimistic tone: "Crime's high, taxes are high, the wages are high, but ducks persist."
