The Daily Telegraph, the flagship newspaper in the British conservative world, with 170 years of history behind it, is coming under the control of U.S. investment fund RedBird Capital, which already owns AC Milan. The purchase would cost about 500 million pounds, nearly 600 million euros. RedBird Capital, founded by Gerry Cardinale, a businessman descended from Italians who emigrated to the U.S., said in a note that it intends to be "the sole controlling shareholder" of the Telegraph Media Group, which also includes the Sunday Telegraph , and promised to invest "in digital operations, subscriptions, and journalism", with the aim of expanding the group internationally. Negotiations are also underway with "carefully selected British minority investors" who are "print specialists and committed to upholding the Telegraph's editorial values", the company specified. A stake of up to 15% by the Emirati fund IMI, which is interested in the Telegraph, is also planned.