Daily Mail publisher to buy Telegraph newspaper for £500m
- Daily Mail and General Trust (DMGT) has agreed a £500 million deal to acquire Telegraph Media Group.
- This agreement follows a previously blocked attempt by Abu Dhabi-backed RedBird IMI to purchase the Telegraph due to foreign ownership rules.
- DMGT and RedBird IMI are now in exclusive talks to finalise the deal and prepare for regulatory submissions, which they anticipate will happen quickly.
- DMGT plans to invest substantially in the Telegraph, accelerating its international expansion with a focus on the US, while ensuring editorial independence.
- The Secretary of State will review the new deal, with DMGT stating its case for approval is compelling as the funding structure will not include foreign state investment.