RedBird Capital Partners, an American investment firm, has reached an agreement in principle to buy control of Telegraph Media Group. The valuation is at 500 million pounds, or about $675 million.
RedBird will buy the majority of its Emirati partner's holdings. IMI is expected to retain a small stake, pending a change in the foreign ownership law.
The investment firm plans to expand The Telegraph's international footprint, particularly in the United States. They also plan to expand its digital operations.