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On Friday morning, Gerry Cardinale’s RedBird Capital abruptly announced that it had withdrawn its bid for Telegraph Media Group—yet another plot twist in his firm’s prolonged and tortured attempt to acquire the storied Tory broadsheet. The news, offered sans explanation, seemed to surprise many—particularly since RedBird had recently imported the FT’s Matt Garrahan into an advisory role, presumably priming him to work with its bankers and advisors before taking it over. “Wow,” texted one banker. Or, as one of Gerry’s contemporaries asked me: “How hard is it to buy a newspaper?”
