Ex-CNN Chief Jeff Zucker Set to Take Over Two Iconic News Publications

Jeff Zucker listens to Democratic presidential primary debates hosted by CNN in 2019. (AP Photo/Paul Sancya)

Abu Dhabi-backed investment fund RedBird IMI is on the verge of acquiring the Telegraph and Spectator publications.

Led by ex-CNN head Jeff Zucker and largely funded by Abu Dhabi royalty, RedBird IMI’s purchase aims to build a global media empire. The deal, under regulatory review, could be finalised by early December. It has triggered urgent discussions among MPs about potential effects on press freedom.

RedBird Capital will assume control, with Zucker guiding management and operations. Despite its links with Abu Dhabi, RedBird Capital, the American equity partner in RedBird IMI, will manage the publications independently, ensuring detachment from Gulf state influence.

A spokesperson said: “International Media Investments [Abu Dhabi] will be just a passive investor.”

“RedBird IMI are entirely committed to maintaining the existing editorial team of the Telegraph and Spectator publications, and believe that editorial independence for these titles is essential to protecting their reputation and credibility.

“We are excited by the opportunity to support the titles’ existing management to expand the reach of the titles in the UK, the US and other English-speaking countries.”

The deal involves RedBird IMI aiding in clearing a £1.2 billion debt of the current owners, the Barclay family, to Lloyds Banking Group. RedBird IMI proposes a £600 million loan to the Barclays, with Abu Dhabi funding the balance, secured against the family’s other businesses.

Lloyds Banking Group is reviewing this repayment proposal for compliance with anti-money laundering laws. If legal criteria are met, Lloyds must return the titles to the Barclay family, who intend to resell them.

The prospective acquisition by a fund backed by an autocratic Arab state has sparked concerns within British government. Several Conservative MPs, citing risks to free expression, have called for official probes into the transaction. Culture Secretary Lucy Frazer and the Commons culture committee are set to analyse and scrutinise the deal.

Dame Caroline Dinenage, Conservative chairman of the committee, told the Telegraph: “This is a complex and confusing situation – it’s important that the Department for Digital, Culture, Media and Sport scrutinises the financing and ownership of any deal closely.”