"The owner of the Daily Mail has struck a 500m deal to buy the Telegraph titles, in a move that will create a right-leaning publishing powerhouse. Lord Rothermere's Daily Mail & General Trust (DMGT) has entered a period of exclusivity with RedBird IMI, which has been seeking a buyer since being forced to put the papers up for sale last Spring, to finalise the terms of the transaction. The two parties say that they expect this process to happen quickly, however the deal is likely to trigger an in-depth investigation by the UK competition regulator."
"I have long admired the Daily Telegraph, said Rothermere. 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."
"It is understood that the Mail and Telegraph editorial teams will remain separate, and DMGT says that it will provide investment to pursue the titles' goal of becoming a global brand. DMGT said that the deal would give much-needed certainty to Telegraph staff, who have been stuck in limbo over a sale process that has dragged on for more than two years."
Lord Rothermere's Daily Mail & General Trust (DMGT) has entered exclusivity with RedBird IMI to finalise a 500m purchase of the Telegraph titles. RedBird IMI had been seeking a buyer after being forced to put the papers up for sale last spring. The parties expect a fast process, but the transaction is likely to prompt an in-depth UK competition regulator investigation. DMGT already handles the Telegraph advertising contract and owns titles including the Metro, the i and New Scientist. DMGT says editorial teams will remain separate and that it will invest to help the titles become a global brand, while providing certainty to staff after a prolonged sale process.
Read at www.theguardian.com
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