Summary
The Daily Mail publisher, DMGT, has agreed to purchase the Daily and Sunday Telegraph for £500 million. The deal involves discussions with RedBird IMI, a joint venture between the UAE and RedBird Capital Partners. The final approval of the sale will come from Culture Secretary Lisa Nandy.
Key Facts
- DMGT, publisher of the Daily Mail, plans to buy the Daily and Sunday Telegraph.
- The purchase price for the Telegraph newspapers is £500 million.
- RedBird IMI, involved in the transaction, is a partnership between the UAE and RedBird Capital Partners from the US.
- The initial bid by RedBird Capital Partners fell through due to concerns about foreign influence.
- Culture Secretary Lisa Nandy will review and approve the sale to ensure it aligns with public interest guidelines.
- DMGT expects the deal to be finalized soon.
- DMGT chairman, Lord Rothermere, expressed admiration for the Telegraph and highlighted its historical significance.
- DMGT aims to turn the Telegraph into a global brand similar to the Daily Mail.
