LONDON (AP) — German media group Axel Springer has agreed to buy the owner of Britain’s Daily Telegraph newspaper for 575 million pounds ($766 million), the companies announced Friday.
The agreement ends a long saga over ownership of the Telegraph Media Group, which publishes the 171-year-old, conservative-leaning Daily Telegraph, its Sunday sister paper and the Telegraph news website.
Berlin-based Axel Springer said it will invest in the group “to enable it to become the leading center-right media outlet in the English-speaking world” and “turbocharge” expansion into the U.S. market.
The German company owns titles including the Bild and Welt newspapers, Business Insider and the political information group Politico. It has made previous attempts to enter the British market, with unsuccessful bids for the Telegraph in 2004 and the Financial Times in 2015.
“More than 20 years ago, we tried to acquire The Telegraph and did not succeed. Now our dream comes true,” Axel Springer CEO Mathias Döpfner said.
