Fired CNN CEO Jeff Zucker’s RedBird IMI investment group is considering the purchase of the bankrupt British Barclay publishing organization that owns the Telegraph newspaper and Spectator magazine for an estimated $750 million, the Press Gazette reported.
“RedBird IMI, a joint venture between RedBird Capital of the U.S. and International Media Investments of Abu Dhabi, has reached an agreement to provide a package of loans to the Barclay family allowing them to pay off their debt to Lloyds Bank in full and bring the Telegraph and Spectator out of receivership,” a spokesperson for the Zucker-led firm said in the report. “RedBird IMI will provide a loan to the value of £600 million, secured against the Telegraph and Spectator.”
RedBird IMI is an Abu Dhabi-backed investment fund run by the ousted CNN CEO that will provide $750 million along with other investors to pay off the Barclay family’s loans to keep the properties afloat and will retain the option to turn its investment into equity at the “earliest opportunity,” the report said.
“Any transfer of ownership will of course be subject to regulatory review, and we will continue to co-operate fully with the Government and the regulator,” RedBird said in the report. “Following transfer of ownership, RedBird Capital alone will take over management and operational responsibility for the titles under the leadership of RedBird IMI chief executive Jeff Zucker.”
The possible sale is hitting some resistance in the British Parliament due to the amount of UAE money involved in the transaction, according to the report.
“Material influence over a quality national newspaper being passed to a foreign ruler at any time should raise concerns, but given the current geopolitical context, such a deal must be investigated,” the members wrote in a letter to Culture Secretary Lucy Frazer and Deputy Prime Minister Oliver Dowden.
Zucker was fired from leading CNN two years ago after failing to turn the floundering network around from decreased ratings but maybe looking now to pick up that property as well, the New York Post reported in June.
“Jeff is likely going to make a bid this fall to purchase,” a source told the Post at the time.
Zucker’s moves to establish himself in the media landscape are seen by some as a way of getting revenge on CNN for booting him out when his attempts to move the organization to the center failed.
“I wouldn’t count Zucker out,” a Zucker friend told the Post, noting that the seasoned TV mogul “holds a grudge” and will find a way to “be back on top.”
The Barclay family has until Dec. 1 to close the deal and repay Lloyds Banking Group who seized the titles from the publisher in June, the Press Gazette report said.
Charles Kim ✉
Charles Kim, a Newsmax general assignment writer, is an award-winning journalist with more than 30 years in reporting on news and politics.
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