Daily Mail publisher agrees to buy Telegraph for £500m

DMGT has agreed a deal to buy Telegraph Media Group (James Manning/PA) James Manning

The publisher of the Daily Mail has agreed to purchase the Telegraph Media Group for £500 million. Daily Mail and General Trust (DMGT) will buy the Telegraph from Redbird IMI after an attempted takeover by the Abu Dhabi-backed investment firm was blocked by the previous Conservative government.

The two companies have entered a period of exclusive talks to finalize the deal and prepare regulatory submissions. DMGT said this would give "much-needed certainty and confidence" to Telegraph employees after a protracted takeover process.

Vision for the Telegraph's Future

DMGT chairman Lord Rothermere emphasized his long-standing admiration for the newspaper. "I have long admired the Daily Telegraph. My family and I have an enduring love of newspapers and for the journalists who make them," he said.

He described the Telegraph as "Britain's largest and best quality broadsheet newspaper" with "a remarkable history" that has "played a vital role in shaping Britain's national debate over many decades."

Rothermere pledged substantial investment in the newsroom. "Chris Evans is an excellent editor and we intend to give him the resources to invest in the newsroom. Under our ownership, the Daily Telegraph will become a global brand, just as the Daily Mail has," he explained.

Integration and Expansion Plans

The purchase will add the Telegraph to DMGT's portfolio of media organizations, which includes Metro, The I Paper and New Scientist. The media group plans to "invest substantially" in the Telegraph, accelerating its international expansion with particular focus on the United States.

DMGT emphasized that the Telegraph would remain editorially independent from its other titles.

Regulatory Approval Required

A spokesman for RedBird IMI confirmed the companies "have worked swiftly to reach the agreement announced today, which will shortly be submitted to the Secretary of State."

A Department for Culture, Media and Sport spokesperson stated that the Secretary of State will review any new buyer acquiring the Telegraph "in line with the public interest and foreign state influence media mergers regimes set out in legislation."

Note: This article was created with Artificial Intelligence (AI).