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One of Europe's largest media conglomerates, Axel Springer SE, which owns the German tabloid Bild as well as Politico and Business Insider, has agreed to purchase Telegraph Media Group, the publisher of British newspapers The Daily Telegraph and The Sunday Telegraph, for £575 million (approximately $766 million) in cash. This deal combines two of Europe's most influential conservative media brands, Bloomberg reports.
"We need to find our new gold. <...> The Telegraph has long stood for freedom, personal responsibility, democratic values, and faith in open societies and market economies," said Axel Springer CEO Mathias Döpfner.
The agreement was made with RedBird IMI, a joint venture of RedBird Capital Partners and a fund from the UAE, which controlled Telegraph after buying out the debts of the previous owners — the Barclay family — in 2023.