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Britain's Daily Mail publisher enters exclusive talks to buy Telegraph Media Group for US$654 million [BNN Bloomberg (Canada)]

Lloyds Banking Group Plc American Depositary Shares (LYG) 
US:NYSE Investor Relations: lloydsbankinggroup.com/investors
Company Research Source: BNN Bloomberg
Daily Mail and General Trust plc said on Saturday that the talks were designed to finalize the terms of a 500 million-pound (US$654-million) deal to buy the Telegraph from an Abu Dhabi-backed venture known as Redbird IMI. The proposed transaction comes after concerns about foreign ownership of British news organizations stalled Redbird IMI's efforts to take control of the Daily Telegraph and its sister Sunday publication two years ago. Culture Secretary Lisa Nandy said she would review any new acquisition to ensure it protects the public interest and complies with legislation governing “foreign state influence” in media mergers. DMGT said it expected to complete the transaction “quickly.” “Under ownership the Daily Telegraph will become a global brand, just as the Daily Mail has,” Chairman Jonathan Harmsworth, also known as Lord Rothermere, said in a statement. The battle over ownership of the Telegraph, a fixture on Britain's media landscape since 1855, began in 2023, when Show less Read more
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