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Media firm Axel Springer has agreed to buy the Telegraph Media Group in a £575 million deal, the companies have announced.
The media company, which also owns Politico and Business Insider, is understood to have agreed the all-cash deal for the Daily Telegraph and Sunday Telegraph.
Daily Mail and General Trust (DMGT) had previously agreed a £500 million deal to buy The Telegraph last year.
However, Abu Dhabi-backed consortium RedBird IMI said it now plans to sell the business to the Germany-based owner.
RedBird IMI is having to sell the business after its own takeover move was blocked by the UK government over foreign ownership concerns.
Axel Springer chief executive Mathias Dopfner said: “More than 20 years ago, we tried to acquire The Telegraph and did not succeed. Now our dream comes true.
“To be the owner of this institution of quality British journalism is a privilege and a duty.
“We want to grow The Telegraph, while preserving its distinctive character and legacy, to help it become the most read and intellectually inspiring centre-right media outlet in the English-speaking world.
“The Telegraph stands for freedom, personal responsibility, democratic values and a belief in open societies and market economies.”
The deal ends three years of uncertainty over the future ownership of the daily news brand. It marks a major expansion for Axel Springer, whose owners have been making efforts to expand both in Europe and the US in recent years.
The company first made a bid to buy the Telegraph in 2004, but was beaten by a £665 million offer by the Barclay brothers. Mr Dopfner had previously cast doubt on attempting to secure the paper again, citing an interest in digital-only media.
Axel Springer also owns Bild, Europe’s largest newspaper, and daily newspaper Die Welt. It is based in German capital Berlin.
In 2015, the firm also looked to acquire the Financial Times, but was unsuccessful against a £844 million bid from leading Japanese media group, Nikkei.
This is a breaking news story, more to follow…
Source:
www.independent.co.uk



