RedBird Capital drops £500m Telegraph takeover bid

RedBird Capital has abandoned its £500m bid for the Telegraph Media Group, leading to increased uncertainty regarding the future of its daily and Sunday publications. The private equity firm, founded by Gerry Cardinale, faced significant backlash in recent weeks, particularly from the Telegraph newsroom and notable figures such as former editor Charles Moore and ex-Spectator chief Fraser Nelson, who have called for an investigation into the company's ties to China. This criticism, coupled with the threat of regulatory intervention, contributed to the collapse of the deal.