British Culture Minister Faces Decision on Telegraph Sale

British culture minister Lisa Nandy has announced she is 'not minded' to intervene in the sale of the Telegraph newspaper to Daily Mail owner DMGT for £500 million. The decision comes after an attempt by RedBird IMI to acquire the paper was halted, following Britain's foreign ownership restrictions on newspapers.

British culture minister Lisa Nandy has expressed her inclination not to intervene in the proposed sale of the Telegraph newspaper to DMGT, the owner of the Daily Mail, for £500 million ($672.30 million).

The Telegraph has been in a state of uncertainty since 2023 when RedBird IMI, a joint venture between RedBird Capital of the U.S. and Abu Dhabi's International Media Investments, failed to secure acquisition due to Britain's restrictions on foreign ownership of newspapers.

Nandy emphasized that no final decision has been made regarding intervention and that her current stance allows involved parties to respond by January 26, before a definitive decision is rendered. The current exchange rate stands at $1 to 0.7437 pounds.

(With inputs from agencies.)