Jeff Zucker’s bid for Tory titan-hood has come to an end.
The media executive on Tuesday formally abandoned his attempt to take the reins of London’s Daily Telegraph, bailing out after British political and news leaders balked at Mr. Zucker’s reliance on Emirati financiers to bankroll the effort.
Mr. Zucker’s venture company, RedBird IMI, had sought government approval to complete a debt-for-equity deal that would hand it control of The Telegraph and its sister magazine, The Spectator.
Because of the withdrawal, other prospective owners may now attempt to purchase the publications.
“Our ownership would have seen the strongest editorial protections ever put forward for a U.K. newspaper, along with much-needed investment,” a RedBird IMI spokesperson said in a statement.
Persons:
Jeff Zucker’s, “, Sheikh Mansour bin Zayed al Nahyan
Organizations:
London’s Daily Telegraph, Mr, RedBird IMI, The Telegraph, The, IMI, The Spectator, RedBird, Media Investments, United
Locations:
Abu Dhabi, United Arab Emirates