Britain’s Daily Mail writer enters unique talks to purchase Telegraph Media Group for $654 million | EUROtoday

The writer of Britain’s Daily Mail has entered unique talks to purchase Telegraph Media Group in a deal that may hyperlink two information teams which have historically supported the right-leaning Conservative Party.

Daily Mail and General Trust plc stated on Saturday that the talks had been designed to finalize the phrases of a 500 million-pound ($654-million) deal to purchase the Telegraph from an Abu Dhabi-backed enterprise often called Redbird IMI.

The proposed transaction comes after issues about overseas possession of British information organizations stalled Redbird IMI’s efforts to take management of the Daily Telegraph and its sister Sunday publication two years in the past.

Culture Secretary Lisa Nandy stated she would assessment any new acquisition to make sure it protects the general public curiosity and complies with laws governing “foreign state influence” in media mergers.

DMGT stated it anticipated to finish the transaction “quickly.”

“Under ownership the Daily Telegraph will become a global brand, just as the Daily Mail has,” Chairman Jonathan Harmsworth, also referred to as Lord Rothermere, stated in an announcement.

The battle over possession of the Telegraph, a fixture on Britain’s media panorama since 1855, started in 2023, when the Barclay household misplaced management of the corporate in a dispute with its lenders.

In November of that yr, a enterprise between New York-based RedBird Capital and Abu Dhabi’s International Media Investments stated it had agreed to accumulate the Telegraph in alternate for loans that may permit the Barclays to repay their money owed to Lloyds Banking Group.

But that deal triggered a debate within the House of Commons concerning the risks of overseas affect over Britain’s information media — and by extension the nationwide political debate.

The earlier authorities, led by Conservative Prime Minister Rishi Sunak, rapidly introduced plans to assessment the proposed deal.

“It would not be appropriate for a foreign state to interfere with the accurate presentation of our news or the freedom of expression in newspapers,” then-Culture Secretary Lucy Frazer stated on the time.