The publisher of Britain’s Daily Mail has entered exclusive negotiations to acquire Telegraph Media Group in a deal valued at 500 million pounds ($654 million), linking two major right-leaning news organizations.
Daily Mail and General Trust plc (DMGT) said Saturday the talks aim to finalize the purchase of the Telegraph and its Sunday edition from Abu Dhabi-backed Redbird IMI. The transaction follows concerns over foreign ownership that had previously blocked Redbird IMI’s takeover attempts two years ago.
British Culture Secretary Lisa Nandy said any new acquisition would be reviewed to ensure it serves the public interest and complies with rules on foreign state influence in media ownership.
DMGT expects to complete the deal swiftly. “Under this ownership, the Daily Telegraph will become a global brand, just as the Daily Mail has,” said Chairman Jonathan Harmsworth, also known as Lord Rothermere.
The Telegraph, a staple of British media since 1855, has been embroiled in ownership disputes since 2023, when the Barclay family lost control amid lender conflicts. A Redbird Capital and Abu Dhabi International Media Investments venture had previously agreed to acquire the paper, prompting debates in the House of Commons over foreign influence on British journalism.
At the time, then-Culture Secretary Lucy Frazer emphasized the importance of protecting press freedom from foreign state interference.