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publisher of daily Mail Has agreed a £500 million deal to buy Telegraph Media Group.
daily Mail And General Trust (DMGT) agreed to buy Telegraph from Redbird IMI after a purchase attempt by the Abu Dhabi-backed investment firm was blocked by the then Tory government.
DMGT and Redbird IMI have now entered a round of exclusive negotiations in which they will finalize the deal and prepare regulatory submissions, which they “expect to be completed soon”.
Culture Secretary Lisa Nandy is set to review the potential new deal, which was announced on Saturday morning.
A spokesperson for the Department for Culture, Media and Sport said: “The Secretary of State looks forward to the announcement of a potential new deal.
“She will review any new buyer acquiring the Telegraph in line with the public interest and foreign state influence media merger regimes set out in law.”
DMGT Chairman Lord Rothermere said: “I have long admired daily telegraphMy family and I have a deep love for newspapers and the journalists who produce 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 for 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 is.”
The purchase will see Telegraph become part of DMGT’s media organizations, which also includes Metro, The Eye Paper and New Scientist.
The media group says it will make a “substantial investment” in Telegraph, accelerating its international expansion with a particular focus on the US. It added that the Telegraph would remain editorially independent from DMGT’s other titles.
A spokesperson for Redbird IMI said: “DMGT and Redbird IMI have worked quickly to reach the agreement announced today, which will soon be presented to the Secretary of State.”