Telegraph’s £575m takeover by German media giant completed

Telegraph’s £575m takeover by German media giant completed The media giant stated that the acquisition will enable it to accelerate the Telegraph's ‘digital transformation’ - Bookmark - CommentsGo to comments German media powerhouse Axel Springer is poised to finalise its £575 million acquisition of the Telegraph Media Group. This marks the end of a tumultuous three-year period for the Telegraph as it sought to secure its long-term future. Axel Springer, which already owns Politico and Business Insider, confirmed it would complete the takeover on Tuesday. The deal received all necessary regulatory approvals across the UK, Ireland, and Austria, including a green light from the British government in April. The media giant stated that the acquisition will enable it to accelerate the Telegraph's "digital transformation" leverage artificial intelligence for growth, and expand its presence within the US market. Chris Evans, editor-in-chief of the Telegraph, said: “We believe there are many opportunities to grow the Telegraph both in the UK and overseas. “After three difficult years without owners, we look forward to stoking up the engines and setting forth on a new voyage.” Axel Springer chief executive Mathias Dopfner said: “Today is a day we have worked towards for a long time, and one we will always remember. “Axel Springer was founded in 1946 under a British press licence, and the Telegraph was our North Star. “Axel Springer and the Telegraph share strong commitments to freedom, values, a tradition of embracing and pioneering technological change, and an entrepreneurial will to actively shape the future.” The deal will bring a three-year battle for control of the Telegraph to a conclusion. Abu Dhabi-backed RedBird IMI is selling the Telegraph business after its own takeover move was blocked by the then-Tory government over foreign ownership concerns. RedBird IMI, which was partly backed by US firm RedBird Capital but majority-owned by Sheikh Mansour bin Zayed Al Nahyan – vice-president of the United Arab Emirates – originally agreed to buy the media firm and fellow title The Spectator in 2023. The Spectator has since been sold to hedge fund tycoon Sir Paul Marshall’s OQS Ventures business for £100 million. Lengthy talks were then held to find a new suitor after RedBird IMI was forced to sell, with New York Sun publisher Dovid Efune in exclusive discussions to take control. These collapsed before DMGT struck a roughly £500 million agreement with RedBird IMI. The Government indicated a takeover by the Daily Mail owner would face scrutiny due to potential competition concerns related to its ownership of a significant share of the UK newspaper market, before Axel Springer agreed its takeover deal. Join our commenting forum Join thought-provoking conversations, follow other Independent readers and see their replies Comments [Image text:] aily UDITH Celcar