Jeff Zucker Abandons Telegraph Bid, Putting London Paper Back Into Play

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Jeff Zucker’s bid for Tory titan-hood has come to an end. The media executive on Tuesday formally abandoned his attempt to take the reins of London’s Daily Telegraph, bailing out after British political and news leaders balked at Mr. Zucker’s reliance on Emirati financiers to bankroll the effort. Mr. Zucker’s venture company, RedBird IMI, had sought government approval to finalize a debt-for-equity deal that would hand it control of The Telegraph and its sister magazine, The Spectator. Because of the withdrawal, other prospective owners may now attempt to purchase the publications. “Our ownership would have seen the strongest editorial protections ever put forward for a U.K. newspaper, along with much-needed investment,” a RedBird IMI spokesperson said in a statement. “Regrettably, it is clear this approach is no longer feasible. Our focus now is on providing certainty to the employees and readers of The Telegraph and The Spectator, and securing best value for the assets, which remain highly attractive.” RedBird IMI is a joint venture between an American private equity company, RedBird Capital, and an Abu Dhabi investment fund, called International Media Investments, that is under the direction of Sheikh Mansour bin Zayed al Nahyan, who belongs to the royal family of the United Arab Emirates.