UK: Daily Mail owner agrees to acquire rival The Telegraph
The deal, if completed, is valued at about $655 million.
Masthead of British newspaper The Telegraph. File archive
(AFP) The owner of British newspaper Daily Mail, DMGT, signed a deal to acquire its competitor The Telegraph for £500 million (about $655 million), the publisher announced Saturday in a statement.
The acquisition, if it goes through, could create one of the largest media groups in the United Kingdom.
The U.S. fund Redbird was to take control of the historic conservative newspaper, but eight days ago the group withdrew the bid submitted at the end of May.
"DMGT signed an agreement with Redbird IMI relating to the acquisition of Telegraph Media Group for £500 million," DMGT said in a statement sent to AFP.
The parties expect to "quickly" finalize the terms of the transaction, the group added.
The acquisition would ensure that the newspaper can "sustainably thrive on the world stage," it noted.
Owned since 2004 by the wealthy Barclay family, the 170 year old newspaper was put under administration by Lloyds Bank at the end of 2023 to settle significant debts.
LATEST
