US investment firm Redbird agrees to buy Britain’s venerable Telegraph newspaper

A consortium led by U.S. investment firm RedBird Capital Partners has agreed to buy the publisher of Britain’s 170-year-old Daily Telegraph newspaper for about 500 million pounds ($674 million), the two sides said Friday. Redbird said it has reached an agreement in principle to become controlling owner of the Telegraph Media Group, ending a lengthy takeover saga for the conservative-leaning newspaper. Gerry Cardinale, founder and managing partner of RedBird, said the sale “marks the start of a new era for The Telegraph as we look to grow the brand in the U.K. and internationally, invest in its technology and expand its subscriber base.”