Daily Mail owner DMGT has announced a 500 million-pound agreement to purchase rival newspaper The Telegraph, a move that would create one of Britain’s most influential right-leaning media groups.
The development follows the withdrawal of RedBird Capital Partners, a U.S.-based investment firm that had previously bid for the Telegraph. A source familiar with RedBird’s decision said internal resistance from senior members of the Telegraph newsroom contributed to the firm stepping back.
Individuals close to the negotiations confirmed that the deal is valued at around 500 million pounds. Reports indicate this price reflects repayment of funds used by the RedBird-backed consortium.
DMGT and RedBird IMI have entered an exclusivity period to finalize the agreement and prepare the required regulatory filings, which both sides expect to proceed swiftly. The Telegraph has not yet responded to requests for comment.
A spokesperson for RedBird IMI stated that the parties moved quickly to reach the agreement, which will soon be submitted to the Secretary of State for review.
