A “preliminary” £500m deal to end the two-year ownership impasse at the Daily Telegraph has been agreed, according to the newspaper.
It reported on Friday that a consortium led by US firm Redbird Capital was set to take control, with state-backed Abu Dhabi investment vehicle IMI among the investors.
Prospects for a deal were held up by the previous Conservative government’s ban on foreign state ownership of UK newspapers.
That ban was based on fears around editorial independence, but those rules were relaxed earlier this month by the current government.
Redbird and IMI had formed a joint venture to seek a takeover. It was understood that UK-based media investors would be among the proposed owners.
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