Daily Mail owner strikes £500 million deal to buy The Telegraph

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The Daily Mail and General Trust (DMGT) has signed an agreement with Redbird IMI to acquire the Telegraph for £500 million, the publisher said.

The publisher of the Daily Mail and the Abu Dhabi-backed venture are now in a period of exclusive talks over the sale of the Telegraph Media Group in order to “finalise the terms of the transaction, and to prepare the necessary regulatory submissions”, DMGT said.

The trust 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 enduring love of newspapers and for the journalists who make them. The Daily Telegraph is Britain’s largest and best quality broadsheet newspaper, and I have grown up respecting it. It has a remarkable history and has played a vital role in shaping Britain’s national debate over many decades.

“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.”

A spokesman for RedBird IMI said: “DMGT and RedBird IMI have worked swiftly to reach the agreement announced today, which will shortly be submitted to the Secretary of State.”

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