Axel Springer to buy owner of Britain’s Daily Telegraph for USD 766 million

German media group Axel Springer has agreed to buy the owner of Britain's Daily Telegraph for 575 million pounds (USD 766 million), ending a prolonged ownership saga of the Telegraph Media Group, publisher of the Daily Telegraph and its Sunday edition

London: German media group Axel Springer has agreed to buy the owner of Britain’s Daily Telegraph newspaper for 575 million pounds (USD 766 million), the companies announced on Friday.

The agreement ends a long saga over the ownership of the Telegraph Media Group, which publishes the 171-year-old Daily Telegraph and its Sunday sister paper.

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Axel Springer said it will invest in the group “to enable it to become the leading centre-right media outlet in the English-speaking world.”