Daily Mail owner strikes £500 million deal to buy The Telegraph
Daily Mail and General Trust (DMGT) has signed a deal with Redbird IMI to buy the Telegraph for £500 million, the publisher said.
DMGT said the Daily Mail’s publisher and the Abu Dhabi-backed venture were currently in private discussions over the sale of Telegraph Media Group with a view to “finalising the terms of the transaction and preparing the necessary regulatory submissions”.
The foundation said they expect this to happen “quickly.”
DMGT Chairman Lord Rothermere said: “I have long admired the Daily Telegraph. My family and I have an abiding love for newspapers and the journalists who make them. The Daily Telegraph is Britain’s largest and highest quality broadsheet newspaper and I grew up respecting it. “It has a remarkable history and has played a vital role in shaping Britain’s national debate for decades.
“Chris Evans is an excellent editor and we aim to give him the resources to invest in the newsroom. Under our ownership, the Daily Telegraph will become a global brand, just like the Daily Mail.”
A spokesperson for RedBird IMI said: “DMGT and RedBird IMI worked quickly to reach the agreement which has been announced today and will be presented to the Secretary of State shortly.”
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