Daily Mail publisher agrees £500m deal to buy Telegraph newspaper

The Telegraph has been the subject of a potential takeover for more than two years.

The publisher of the Daily Mail has agreed a £500 million deal to buy Telegraph Media Group.

Daily Mail and General Trust (DMGT) agreed to purchase the Telegraph from RedBird IMI after an attempted purchase by the Abu Dhabi-backed investment firm was blocked by the then Tory government.

DMGT and RedBird IMI have now entered a period of exclusive talks in which they will finalise the deal and prepare regulatory submissions, which they “expect to happen quickly”.

DMGT said this would give “much-needed certainty and confidence” to Telegraph employees after the protracted takeover process.

DMGT chairman Lord Rothermere said: “I have long admired the Daily Telegraph. My family and I have an enduring love of