U.S.-based private investment firm RedBird Capital Partners on Friday pulled out of a 500-million-pound ($671-million) bid for Britain's Telegraph Media Group, the latest twist in a two-and-a-half year saga at one of Britain's biggest newspapers.

U.S. investment firm RedBird Capital has dropped its offer to buy the publisher of Britain’s 170-year-old conservative-leaning Daily Telegraph newspaper for about 500 million pounds ($660 million)

The central bank held interest rates steady on Thursday, a decision that came at a time when British policymakers and lawmakers are confronting economic challenges.

U.S. investment firm RedBird Capital said Friday that it has dropped its offer to buy the publisher of Britain's 170-year-old conservative Daily Telegraph newspaper for about 500 million pounds ($660 million).

The British government has rallied to the defense of the BBC as it faces a dispute with U.S. President Donald Trump.

The government pledged 2.5 billion pounds for initial site work, but the decision to build a small, modular design may disappoint others, including the U.S. nuclear industry.