An Abu Dhabi-backed investment fund said Monday it has paved the way to take ownership of Britain's Telegraph newspaper and The Spectator magazine after striking a deal with the publications' previous owners to repay debts owed by them. The Barclay family owned the right-leaning newspaper and magazine nefore they were put into receivership. Various media firms have been reported to be interested in taking over the publications, including German publisher Axel Springer and the Daily Mail's publisher. The fund said the deal includes an option to turn the loans into equity which would give it ownership control of the newspaper and magazine. Lenders for the Barclay family would need to agree to the deal, which is expected to attract a high level of political scrutiny.

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Persons: Abu, Jeff Zucker, Media Investments —, Britain's Barclay, Barclay, Axel Springer Organizations: Britain's Telegraph, The Spectator, IMI, RedBird, CNN, Abu Dhabi's, Media Investments, Lloyds Bank, Ritz Hotel, Daily, International Media Investments Locations: Abu Dhabi, German