"More than 20 years ago, we tried to acquire The Telegraph and did not succeed. Now our dream comes true. To be the owner of this institution of quality British journalism is a privilege and a duty. We want to grow The Telegraph, while preserving its distinctive character and legacy, to help it become the most read and intellectually inspiring centre-right media outlet in the English-speaking world."
Axel Springer, a German media firm that owns Politico and Business Insider, has agreed to purchase Telegraph Media Group for £575 million in an all-cash transaction. This acquisition includes the Daily Telegraph and Sunday Telegraph. The sale follows RedBird IMI's failed attempt to complete its takeover, which was blocked by the UK government due to foreign ownership concerns. RedBird IMI subsequently decided to sell the business to Axel Springer. Axel Springer's chief executive expressed that acquiring The Telegraph represents a long-held ambition, stating the company aims to preserve the publication's character while growing it into a leading centre-right media outlet in the English-speaking world.
Read at www.independent.co.uk
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