RedBird Capital agrees deal to buy UK's Telegraph, newspaper says

LONDON, May 23 (Reuters) - A transatlantic consortium led by RedBird Capital Partners has struck a deal to buy Britain's Telegraph newspaper, the title reported on Friday, spending 500 million pounds ($673 million) to secure control.

Abu Dhabi-backed RedBird IMI bought the Telegraph titles and the Spectator magazine in 2023 but Britain's then government moved to ban foreign state investment in British newspapers, forcing it to sell.

The Telegraph said on Friday that the U.S. private equity firm RedBird Capital, which provided a quarter of RedBird IMI’s funding, is moving to take direct control and is expected to be joined in the ownership group by British media investors.

($1 = 0.7431 pounds)