Daily Mail owner DMGT has agreed a £500 million ($650 million) deal to buy rival newspaper The Telegraph, in a move that would create one of Britain’s most influential right-leaning media groups.
The announcement comes just a week after U.S. investment firm RedBird Capital Partners withdrew its bid for the paper. RedBird, alongside Abu Dhabi-backed IMI, had acquired The Telegraph Media Group and The Spectator magazine in 2023, but the UK government later blocked foreign state investment in national newspapers. RedBird attempted to restructure the deal with IMI capped at a 15% minority stake, but delays in regulatory clearance and opposition from senior Telegraph staff ultimately led to its withdrawal.
According to the Financial Times, the £500 million price tag was set to cover repayment of funds spent by the RedBird-led consortium. DMGT confirmed the parties have entered a period of exclusivity to finalise terms and submit regulatory filings, stressing that the transaction will comply with the UK’s Foreign State Influence regime, with no foreign state capital involved.
DMGT, which had previously expressed interest in acquiring The Telegraph in 2023, already owns a portfolio of major titles including The Mail on Sunday, Metro, The i Paper, and New Scientist. The company said The Telegraph would remain editorially independent from its other publications.
A spokesperson for RedBird IMI said:
“DMGT and RedBird IMI have worked swiftly to reach the agreement announced today, which will shortly be submitted to the Secretary of State.”
The Telegraph has yet to comment on the deal.
