The Telegraph has been sold to US private equity firm RedBird Capital for £500m, ending two years of uncertainty. What does it mean for The Telegraph as an event organiser?
Telegraph Events Limited was incorporated in 2009. Over the past decade, it has built a portfolio of events, ranging from political forums and business summits to lifestyle exhibitions.
Some of the main players in this portfolio are the Telegraph Travel Show and the Telegraph Ski & Snowboard Festival – both of which attract significant public engagement. In 2018, the Telegraph hosted the VC Power Breakfast Series, bringing venture capitalists and entrepreneurs together to discuss new business trends.
US private equity becomes controlling owner
RedBird Capital Partners, led by Gerry Cardinale, has now become the sole controlling owner. The deal was made possible after UK rules were relaxed to allow foreign investors to hold up to 15% stakes in news publishers (a recent legal change made by the Labour Government). IMI, the Abu Dhabi-backed fund that had previously tried to take over the Telegraph, will retain a minority share under the new rules.
IMI is owned by Sheikh Mansour bin Zayed Al Nahyan, who is the vice-president of the United Arab Emirates and a prominent figure in Abu Dhabi’s ruling family.
RedBird says it will invest heavily in digital growth, subscriptions and expansion in the US. It also plans to make The Telegraph “a force in global journalism” – and this includes events.
What does it mean for Telegraph events?
The Telegraph already runs several live experiences, including its flagship Telegraph Travel Show, the STEM Awards and the Women Mean Business Live summit. It also produces live political interviews, premium reader events and subscription-only briefings that are tied to the publication’s editorial content.
With RedBird’s resources and media ambitions, the Telegraph’s events strategy has the potential to scale fast – and to reach international markets. The amount of funding at the company’s disposal will drastically increase, but whether that will be used to scale the company (and, if so, in what capacity) remains to be seen.
Editor Chris Evans said: “There is much more that can be achieved.” CEO Anna Jones added that the new owners would “unlock our full potential across the breadth of the business.”
CMW will keep you updated with any news on this front. Acquisitions by American private equity are certainly not uncommon, and any developments in the sphere could have lessons for the industry as a whole.
