RedBird IMI’s £600 Million Telegraph Dream Starts to Crumble

Four months after RedBird IMI emerged as the frontrunner for the Telegraph newspaper and Spectator magazine, its hopes of owning the titles outright are looking remote.

The United Arab Emirates-backed investment vehicle is now considering stepping away from a deal that created a political storm and led UK Prime Minister Rishi Sunak’s government to this week pledge an effective ban on foreign states and their officials acquiring print news media.

“We expect RedBird IMI will rapidly withdraw from the ongoing regulatory clearance process,” Alice Enders, director of research at Enders Analysis, said in a note.

RedBird IMI declined to ...