Axel Springer set to buy Telegraph in £575m deal

Under this deal, one of Britain's oldest newspapers has come under German ownership.

Among the media brands in Axel Springer's portfolio are BILD, WELT, POLITICO, and Business Insider.

Reports suggested the Daily Mail was close to reaching a takeover deal for The Telegraph, which would have seen its owner, Lord Rothermere, form one of the biggest media groups in the UK.

DMGT, the Daily Mail's owner, had previously put forward a £500million bid for the newspaper last November, but came under regulatory scrutiny over public interest and competition concerns.

US-Emirati group Redbird IMI, which currently owns The Telegraph, began talks with Axel Springer earlier this year, The Financial Times reports.

Mathias Dopfner, Axel Springer's chief executive, said he wanted to "preserve the distinctive character and legacy" of The Telegraph following the deal getting the green light.

He said: "More than 20 years ago, we tried to acquire The Telegraph and did not succeed. Now our dream comes true. To be the owner of this institution of quality British journalism is a privilege and a duty.

"We want to grow The Telegraph, while preserving its distinctive character and legacy, to help it become the most read and intellectually inspiring centre-right media outlet in the English-speaking world.

"The Telegraph stands for freedom, personal responsibility, democratic values and a belief in open societies and market economies."

GB News has contacted Redbird IMI for comment.

The sales process for The Telegraph has lasted around three years, which has meant the media brand has not had a permanent owner in place.

Said process began when Lloyds Banking Group took control over the group due to unpaid debts from the Barclay family, The Telegraph's previous owners.