LONDON: The chief executive of UAE-based International Media Investments has pledged unparalleled investment for The Telegraph if the company’s takeover bid is successful.
Rani Raad said in a column in the newspaper on Friday that the Emirati group could “offer investment to The Telegraph like nobody else.” IMI is providing 75 percent of the funding for RedBird IMI’s proposed deal.
In the first public comments about the bid, Raad wrote: “The motives of the people who own national newspapers matter more than ever at a time where there are legitimate fears about a post-truth world and alternative facts.
“That is even more the case when those newspapers have the history and status of The Daily and Sunday Telegraph, and The Spectator.”
Addressing what he called “several significant misconceptions,” Raad offered assurances that RedBird IMI was committed to preserving the heritage and stature of the publications and safeguarding their “distinctive editorial focus and fearless journalism.”
He said: “We are clear about what stays the same if our bid is successful: the independence, editorial integrity, and point of view of all the titles is beyond question. I can go further: the quality of the journalism and the titles are inviolable.”
Raad, a former president of CNN Commercial Worldwide, sought to allay fears that the historic newspaper group could become a PR arm of the Emirati government.
If the takeover happened, he said, RedBird — a US private equity firm contributing 25 percent of the £600m price tag — would manage The Telegraph and be shielded from external interference by legislation.
“So let me address the elephant in the living room,” Raad said. “At IMI, we are not going to get involved in what The Telegraph reports or chooses not to write about.
“We have learned the lessons of News Corp, when promises were made that were never fully kept,” he added, referring to failed promises made during Rupert Murdoch’s takeover of The Times. “Ours meet a far higher standard of enforceability.”
Raad said no job losses were anticipated. He also highlighted RedBird IMI’s commitment to expanding The Telegraph brand amidst challenges facing the UK and US media industries.
While rival bidders — including a consortium led by hedge fund billionaires Sir Paul Marshall and Ken Griffin, and the publisher of the Daily Mail — remain interested in acquiring The Telegraph, the deal with RedBird IMI faces various obstacles. These include cross-party opposition from Britain’s parliament and scrutiny from Ofcom, the UK’s media regulator.
Signaling its ongoing investment strategy, RedBird IMI announced on Friday it had acquired British production and distribution company All3Media for a reported $1.45 billion.
