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An end to that saga is now in sight, if the US company RedBird is allowed to complete its deal with a small passive stake from the UAE and other UK investors. As noble Lords will know, RedBird is one of the foremost investors globally in the media industry and, I believe, plans to invest to make the Telegraph even more successful and profitable. Undaunted by the decline of print, it is embracing the realities of the industry. It is my personal view that it has a clear understanding of the importance of stewardship—that this great institution will be its to cosset, to secure and, one day, to pass on in a stronger position than that in which it was found—as well as of the need for editorial independence and integrity.