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.
When talking about your salary in Europe, do you refer to the gross amount or the net figure? It's an important distinction as take-home pay can vary significantly from one country to another.
The main reasons for these differences are variations in taxation and social security contributions. In some countries, family allowances also have a considerable impact.
So, where do workers take home the most pay across Europe? And how much of your gross salary do you keep after taxes and deductions?
The answer largely depends on whether you have dependent children and if your partner earns an income. In several countries, this can make you eligible for family allowances or even tax refunds. With this in mind, Euronews has examined three typical scenarios for 2024.
These scenarios are based on individuals earning 100% of the average national wage. For those earning more or less than the average, the take-home ratio will differ accordingly.
Net earnings represent the amount a person or household keeps after subtracting taxes and employee social security contributions from gross pay, and adding any family benefits for dependent children.
In 2024, according to Eurostat, a single person without children in the EU takes home, on average, 68.6% of their gross salary. This means that if the average salary in your country is €1,000, you keep €686, while €314 goes to taxes and social security contributions.
Among 31 countries—including all EU member states plus Switzerland, Norway, Iceland, and Turkey—the take-home pay ratio (annual net earnings as a percentage of gross earnings) ranged from just 60.3% in Belgium to 84.4% in Cyprus.
Seven countries offered less than two-thirds of gross pay as take-home income. Besides Belgium, they included: Lithuania (61.8%), Germany (62.6%), Romania (63.1%), Denmark (64.3%), Slovenia (64.4%) and Hungary (66.5%).
In ten countries, workers can take home at least three-quarters (75%) of their gross earnings, making them the best places in Europe for higher net pay.
The ratio exceeds 80% in Cyprus and Switzerland. Other countries on the list include Estonia (79.5%), Czechia (79%), Bulgaria (77.6%), Spain (77.5%), Sweden (76.9%), Slovakia and Poland (both 75.9%), and Portugal (75%).
By comparison, the take-home rate is 71.9% in France and 69.6% in Italy.
For one-earner couples with two children, take-home pay ratios shift significantly in some countries, while in others they stay close to the level for single individuals without children.
Across the EU, the average take-home rate is 82.6%, ranging from 70.4% in Romania to 107.1% in Slovakia, followed by 102.5% in Poland. In these two countries, net earnings actually exceed gross earnings. This is not only due to family allowances but also the implementation of a 'negative income tax,' which provides extra financial support and reflects strong family-friendly policies.
The ratio is also above 90% in Switzerland, Czechia, Luxembourg, and Portugal. At the lower end, aside from Romania, it falls below 75% in Turkey, Denmark, and Finland.
The largest increases compared to single individuals without children were seen in Slovakia (+31.2 percentage points), Poland (+26.6 pp), Luxembourg (+22.4 pp), and Belgium (+19.8 pp).
The rate remained unchanged in Turkey, while the smallest increases were recorded in Greece (+2.4 pp), Cyprus (+4.3 pp), Finland (+4.6 pp), Norway (+4.8 pp), and Sweden (+5.9 pp).
On average, a two-earner couple with two children in the EU takes home 73.6% of their gross earnings, with the rate ranging from 65.8% in Belgium to 88.9% in Slovakia.
Compared to single individuals without children, the take-home rate remains unchanged in Turkey and Greece. The highest increase was recorded in Slovakia, at 13 percentage points.
In only eight countries, the rise exceeded 5 percentage points, suggesting that family allowances for households with children often do not lead to a significant boost in take-home pay.
Would you be more interested in actual salary figures rather than just ratios?
In 2024, in the EU, a single person without children earning 100% of the average salary takes home €29,573 out of a gross €43,105.
Switzerland is an outlier in both gross and net salaries, with figures exceeding €100,000 and €85,000 respectively.
In this scenario, annual net earnings exceeded €50,000 in Iceland and Luxembourg, while Bulgaria (€11,074) and Turkey (€11,440) recorded the lowest net salaries.
In five additional countries, net earnings surpassed the €40,000 mark, including the Netherlands, Norway, Denmark, Ireland, and Austria.
Annual net earnings for a one-earner couple with two children ranged from €11,440 in Turkey to €98,835 in Switzerland, while the EU average was €35,656.
In the two-earner couple with two children scenario, net earnings or salaries ranged from €22,880 in Turkey to €178,553 in Switzerland, with the EU average at €63,523.
All these actual figures also indicate the level of income inequality across Europe. For a detailed comparison of annual net earnings—including purchasing power standards—across Europe, check out our full article, entitled: "Top earners in Europe"
Curious about how real wages changed in 2024 compared to 2023? Our article 'Where Did Real Wages Rise and Fall the Most in Europe in 2024?' takes a closer look at the shifts—adjusted for inflation.
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