LONDON, March 7 — Germany’s Axel Springer has agreed a £575 million (RM3.044 billion; US$730 million) deal to acquire the Telegraph Media Group (TMG), the owner of the UK’s Daily Telegraph and Sunday Telegraph newspapers, Anadolu Ajansi reported.

The all-cash offer outbids a rival £500 million (RM2.647 billion) agreement reached last November with the Daily Mail & General Trust (DMGT), the media company controlled by Lord Rothermere, owner of the Daily Mail.

Axel Springer is one of Europe’s largest media groups. It owns major German newspapers, including Bild and Die Welt, as well as international digital outlets Politico and Business Insider.

The acquisition would bring one of Britain’s most prominent newspaper groups under the ownership of the Berlin-based company, marking a significant change in the UK media landscape.

Axel Springer’s chief executive, Mathias Dopfner, has long expressed interest in expanding the company’s portfolio of international media brands.

In 2019, the group struck a deal with the private equity firm KKR to take the company private, allowing it to pursue further acquisitions.

Axel Springer previously attempted to buy the Telegraph more than two decades ago but was unsuccessful when the Barclay brothers secured the newspapers with a £665 million (RM3.521 billion) bid in 2004.

Following the latest agreement, however, Dopfner said the purchase fulfilled a long-held ambition.

“More than 20 years ago, we tried to acquire the Telegraph and did not succeed,” he said. “Now our dream has come true. To be the owner of this institution of quality British journalism is a privilege and a duty.” — Bernama-Anadolu