Axel Springer, a transatlantic family-owned media company, has reached an agreement with RedBird IMI to acquire the Telegraph Media Group (TMG) for £575 million in cash.
Both parties believe that there are compelling benefits to the transaction: it will preserve the integrity of a heritage media brand and provide it with an exciting platform for growth and expansion into other geographies, while ensuring a commitment to high-quality, independent journalism and media plurality in the UK. Both parties look forward to discussing this further with the Department of Culture, Media and Sports (DCMS) and other stakeholders over the coming weeks.
Axel Springer CEO Mathias Döpfner says: “Axel Springer founded his company in 1946 under a British press licence. He built his company inspired by the tradition of Fleet Street. The Telegraph was his North Star.
