May 23 (UPI) -- The American RedBird Capital Partners private investment firm announced a deal Friday to purchase the British Telegraph Media Group.
RedBird will pay $675 million to become the sole owner of the group, which owns The Daily Telegraph and Sunday Telegraph newspapers.
"This transaction marks the start of a new era for The Telegraph as we look to grow the brand in the U.K. and internationally, invest in its technology and expand its subscriber base," RedBird Founder and Managing Partner Gerry Cardinale said.
RedBird said it aims to expand TMG's presence in the United States and add new verticals such as events and travel to "maximize the commercial opportunities from a growing international and mass affluent subscriber base."
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