Move follows criticism from newsroom over US private equity group’s links to China
Business live – latest updates
RedBird Capital has dropped its £500m bid for the Telegraph Media Group, throwing the future of its daily and Sunday titles into further uncertainty.
The private equity group founded by Gerry Cardinale has been under intense attack in recent weeks with the Telegraph newsroom – and allies including former editor Charles Moore and ex-Spectator chief Fraser Nelson – publishing a string of pieces calling for its links to China to be investigated.
Lisa Nandy, the culture secretary, had been expected to announce a decision imminently on whether to let the bid progress and also if it should be subject to scrutiny by the media regulator, Ofcom, and the competition watchdog.
