Daily Mail Owner Buys The Telegraph in Landmark Media Deal

Daily Mail owner DMGT has finalized a £500 million purchase of The Telegraph, making it a powerful right-leaning media entity. The move follows RedBird Capital's withdrawal due to internal opposition. The deal awaits regulatory approval, with exclusivity agreed upon to finalize terms swiftly.

Daily Mail's owner, DMGT, has announced on Saturday a significant acquisition deal, purchasing The Telegraph newspaper for £500 million ($650 million). This merger is poised to create a dominant right-leaning media conglomerate in the UK.

The agreement follows the withdrawal of U.S.-based RedBird Capital Partners, which had previously bid for The Telegraph. Sources cite internal opposition from senior figures within The Telegraph as a crucial factor in RedBird's decision to retract its bid.

Negotiations have entered an exclusivity period, focusing on finalizing transaction terms and preparing necessary regulatory documentation. Both parties expect the process to proceed rapidly. A spokesperson from RedBird IMI confirmed swift proceedings towards submission to the Secretary of State.

(With inputs from agencies.)