The Daily Mail To Buy The Daily Telegraph
Owner of the Daily Mail strikes £500 million deal to buy The Daily TelegraphDMGT has signed an exclusivity agreement with RedBird IMI, which had stepped in to buy The Telegraph Media Group, to finalise the terms of the transaction and prepare the necessary regulatory submissions: if approved, the Daily Telegraph would join DMGT's diverse stable which also includes the Daily Mail, The Mail on Sunday, Metro, The i Paper and New Scientist.In a statement, DMGT said: 'For more than 100 years, DMGT has prided itself on being a responsible custodian of media assets, which it holds for the long term. The company plans to invest substantially in TMG with the aim of accelerating its international expansion. It will focus particularly on the USA, where the Daily Mail is already successful, with established editorial and commercial operations.'It added: 'DMGT places great emphasis on the editorial independence of its titles, and The Daily Telegraph would remain editorially independent from other titles in the group. The transaction would comply with the UK's Foreign State Influence regime as there will be no foreign state investment or capital in the funding structure. 'DMGT is confident any regulatory processes can be concluded swiftly and positively, as the case for approving the acquisition is compelling.https://mol.im/a/15315951
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