investment firm RedBird Capital said Friday that it has dropped its offer to buy the publisher of Britain’s 170-year-old conservative Daily Telegraph newspaper for about 500 million pounds ($660 million).
U.S.-based private investment firm RedBird CapitalPartners on Friday pulled out of a 500-million-pound bid for Britain’s Telegraph Media Group, the latest twist in a two-and-a-half year saga at one of Britain’s biggest newspapers.
RedBird CapitalPartners, the private equity group owned by GerryCardinale, has dropped its £500 million ($658.5 million) attempt to purchase the U.K.’s Telegraph, clouding the future of the 170-year-old conservative newspaper.