Murdoch’s News Corp eyes joint Telegraph bid with rivals —Bloomberg

A view of the News Corporation building, after it was announced that Rupert Murdoch would step down as chairman of News Corp and Fox in favour of his son Lachlan Murdoch, in New York, U.S., Sept 21, 2023. REUTERS/Bing Guan/File photo

Rupert Murdoch’s News Corp and the owner of the Daily Mail have held talks about a potential joint takeover of the Telegraph alongside the UAE-backed investment fund RedBird IMI, Bloomberg News reported on Monday, citing people familiar with the matter.

A joint bid by the three would result in a smaller stake for Redbird IMI, according to the report.

The Abu Dhabi-backed buyout of the paper, which voices opinions within the governing Conservative Party, has provoked fears of foreign influence in news reporting which opponents say could threaten Britain’s democracy.

READ: Abu Dhabi-backed fund set to seize UK’s Telegraph Media Group

Under one scenario that has been discussed, RedBird IMI would take a stake as low as 25% in the Telegraph in an attempt to satisfy concerns about foreign state interference, Bloomberg News reported.

News UK, RedBird IMI and the Telegraph declined to comment, while the Daily Mail did not immediately respond to a Reuters request for comment.