Telegraph profits steady as ownership saga clouds future

Revenue and operating profits at The Telegraph held steady in 2024 despite ongoing turmoil over who owns the paper. Newly published accounts from Press Acquisitions Limited, the parent company of Telegraph Media Group and the Chelsea Magazine Company, show a 1.2% rise in revenue to £279.4 million for the year ending 29 December 2024.

Operating profit before exceptional items slipped by just 0.2% to £54.6 million, maintaining a 20% margin, a solid result in a difficult media market. Growth in digital subscriptions and online advertising offset continued declines in print. Total subscriptions rose 5% to 1,086,000, with digital subscriptions up 11% to 842,000, now 78% of the total. Digital revenues climbed 18% to £81.1 million, while digital advertising grew 19% to £20 million.

Print continued its long decline: print subscriptions fell 5% to £69.4 million, circulation revenue dropped 3% to £55.8 million, and print advertising slid 13% to £29 million. Other revenues were down 10% to £24.1 million, reflecting algorithm changes at Google and the growing impact of AI-generated content on search traffic.

Telegraph Media Group’s acquisition of the Chelsea Magazine Company in 2023 helped broaden its portfolio, with CMC delivering £10.2 million in revenue last year, up from £8.1 million in its first nine months under Telegraph ownership. About 88% of total revenues continue to come from the UK and Ireland.

Pre-tax profits plunged from £201 million in 2023 to £15 million in 2024, the result of a one-off accounting reversal the previous year that had inflated earlier figures. Including exceptional items, operating profit fell from £207 million to £19.5 million, as £31.1 million in costs linked to takeover activity weighed on results.

The Telegraph’s workforce grew modestly to 1,229, including 792 in editorial and production. But the company has faced significant constraints since Lloyds Banking Group effectively repossessed it in mid-2023 over unpaid Barclay family debts.

The ownership saga has since become a political flashpoint. Abu Dhabi-backed RedBird IMI cleared £1.2 billion of Barclay debts late in 2023, taking control of the paper, but was blocked from a full takeover after the government imposed new limits on foreign state ownership of British media. In March 2024, legislation capped such holdings at 15%.

A new deal was announced in May 2025 for US-based RedBird Capital Partners, a separate entity with IMI as a minority investor, to buy The Telegraph for £500 million. The sale awaits government approval and could yet face scrutiny from the Competition and Markets Authority. RedBird founder Gerry Cardinale has promised to preserve editorial independence while pursuing digital expansion, but reports of friction with senior journalists have already surfaced.

Press Acquisitions ended 2024 with £36 million in cash and has since repaid £35 million of a £50 million loan from Lloyds, leaving £15 million due by 2026. Executives say a new five-year plan is in place, centred on a “subscription-first” digital model, continued investment in journalism, and product innovation.

Source: Noah Wire Services

Noah Fact Check Pro

The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.

Freshness check

Score:
8

Notes:
The narrative presents recent financial data for The Telegraph, with the latest figures from December 2024. The earliest known publication date of similar content is 6 November 2025, indicating timely reporting. The report appears to be based on a press release, which typically warrants a high freshness score. No significant discrepancies in figures, dates, or quotes were found. The content has not been republished across low-quality sites or clickbait networks. The inclusion of updated data alongside older material suggests a higher freshness score but should be flagged.

Quotes check

Score:
9

Notes:
Direct quotes from Anna Jones, The Telegraph’s CEO, are included. The earliest known usage of these quotes is 6 November 2025, matching the publication date of the report. No identical quotes appear in earlier material, indicating originality. The wording of the quotes is consistent across sources.

Source reliability

Score:
7

Notes:
The narrative originates from IndexBox, a news and statistics platform. While it provides timely reporting, the platform’s reputation and editorial standards are not well-established, which introduces some uncertainty. The report cites financial data from The Telegraph’s parent company, Press Acquisitions Limited, and includes direct quotes from The Telegraph’s CEO, Anna Jones, enhancing credibility.

Plausability check

Score:
8

Notes:
The financial figures reported align with those from The Telegraph’s parent company, Press Acquisitions Limited, and are consistent with other reputable sources. The narrative includes specific details such as revenue figures, operating profit margins, and subscription growth, which are plausible and supported by available data. The tone and language are consistent with typical corporate communications. No excessive or off-topic details are present, and the structure is focused on the financial performance and ownership situation.

Overall assessment

Verdict (FAIL, OPEN, PASS): PASS

Confidence (LOW, MEDIUM, HIGH): MEDIUM

Summary:
The narrative provides timely and plausible financial information about The Telegraph, with direct quotes from the CEO and consistent figures. However, the source’s reliability is somewhat uncertain due to the platform’s limited reputation. Despite this, the content appears original and not recycled, with no significant discrepancies or signs of disinformation.