The firms announced on Friday that Axel Springer, a German media group, has reached an agreement to purchase the owner of the Daily Telegraph newspaper in Britain for 575 million pounds ($766 million).
The deal puts an end to a protracted dispute over who owns the Telegraph Media Group, which publishes the Sunday sister paper and the 171-year-old Daily Telegraph.
Axel Springer stated that it will invest in the organization “to enable it to become the leading center-right media outlet in the English-speaking world” and “turbocharge” its entry into the American market.
We attempted to purchase The Telegraph more than 20 years ago but were unsuccessful. Our dream has now come true,’ stated Mathias Döpfner, CEO of Axel Springer.
The Bild and Welt newspapers, as well as the political information organization Politico, are owned by the German corporation.
The deal ends a rival offer by the Daily Mail’s owner to purchase the Telegraph titles and comes after years of uncertainty over the papers’ future.
