German media group Axel Springer will buy the publisher of UK's Daily Telegraph for $766 million
ABC News
German media group Axel Springer has agreed to buy the owner of Britain’s Daily Telegraph in a deal worth $766 million
LONDON -- 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 Daily Telegraph and its Sunday sister paper.
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.
“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.
The German company owns titles including the Bild and Welt newspapers and the political information group Politico.
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