Gerry Cardinale and his fund, RedBird Capital Partners, which also owns AC Milan, have announced the agreement for the acquisition of the British newspaper The Daily Telegraph for an amount equal to 595 million euros (converted from 500 million pounds).
A deal that had been in the air for a long time, at least two years, and which the British newspaper commented on as follows: "The fund's largest investment in the British press in a decade and marks the beginning of a new era of growth."
Gerry Cardinale himself also commented:
"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 the UK is a great place to invest [and] we have tremendous conviction in the growth potential of this incredibly important cultural institution.”"
