Loans pave way for Abu Dhabi-backed fund to take over UK's Telegraph newspaper

An Abu Dhabi-backed investment fund has paved the way to take ownership of Britain’s Telegraph newspaper and The Spectator magazine. RedBird IMI said on Monday that it agreed to provide loans to the family that previously owned the publications to repay its bank debts. RedBird is a joint venture between RedBird Capital, led by former CNN chief Jeff Zucker, and Abu Dhabi’s International Media Investments. The right-leaning newspaper and magazine were owned by Britain’s Barclay family, which also previously owned London’s luxurious Ritz Hotel before selling it in 2020. Lenders for the Barclay family would need to agree to the deal, which is expected to attract a high level of political scrutiny.