The publisher of the populist UK tabloid the Daily Mail has struck a $655 million (£500) to buy The Telegraph and The Sunday Telegraph newspapers.

The Daily Mail and General Trust (DMGT) said on Saturday that it had entered exclusive talks with Redbird IMI to buy the newspaper group and that it expected to get a deal over the line “quickly”.

The news comes just days after U.S investment firm RedBird Capital pulled its bid to acquire the 170-year-old group.

The future of TMG has been uncertain since 2023 when Frederick and David Barclay, who were its owners from 2004 until 2023, lost control due to unpaid debts to Lloyds Banking Group.

Lloyds put the group up for sale to recoup the debts and accepted an offer from RedBird IMI, a joint venture between RedBird Capital Partners and UAE-b

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