The Telegraph is set to be acquired by a consortium spearheaded by US investment firm RedBird Capital for approximately £500 million.

It is the latest chapter in a turbulent two-year takeover saga for the 170-year-old newspaper.

This announcement follows a previous attempt to purchase the media group, including The Spectator, in 2023 by RedBird IMI.

That deal, partly backed by RedBird Capital but majority-owned by Sheikh Mansour bin Zayed Al Nahyan, vice president of the United Arab Emirates, was ultimately blocked by the government due to new regulations preventing foreign state ownership of the press.

Now, RedBird Capital has reached a preliminary agreement to take the reins, promising a renewed focus on digital growth, subscriptions, and journalistic endeavors.

The investment firm has pledged to inject capital into these areas, aiming to expand The Telegraph’s brand presence on the global stage.

Gerry Cardinale, founder and managing partner of RedBird, said: “This transaction marks the start of a new era for The Telegraph as we look to grow the brand in the UK and internationally, invest in its technology and expand its subscriber base.

“We believe that the UK is a great place to invest, and this acquisition is an important part of RedBird’s growing portfolio of media and entertainment companies in the UK.”

Anna Jones, chief executive of Telegraph Media Group, said: “Telegraph Media Group is an award-winning news media organisation, with exceptional journalism at its heart, supported by leading commercial expertise, a commitment to innovation and a laser focus on data to drive strategy.

“RedBird Capital Partners have exciting growth plans that build on our success – and will unlock our full potential across the breadth of our business.”