LONDON: The UK government on Tuesday gave the green light for German media group Axel Springer to buy British newspaper The Telegraph, ending a drawn-out pursuit of the 170-year-old title.
The Labour government´s Culture Secretary Lisa Nandy said in a statement that she is “not minded to intervene in this merger” over competition and foreign-ownership concerns.
Axel, which owns German newspapers Bild and Welt as well as the Politico news outlet, last month announced it would pay £575 million ($661 million) in cash for The Telegraph´s print and online versions.
That came after the UK government in February launched an investigation into an agreed sale of The Telegraph to the owner of the Daily Mail, a rival British right-wing publication, citing competition concerns.
That probe has been made redundant by the government´s approval of the German takeover.
“After a long period of uncertainty, we can confirm that we will invest significantly in The Telegraph´s editorial excellence and international growth,” Axel Springer chief executive Mathias Dopfner said in a statement Tuesday.
“The Telegraph will join a global network committed to independent reporting while retaining its distinct editorial voice and British identity.”
An international pursuit of The Telegraph stretches back almost three years.
RedBird IMI, a joint venture between US investment firm RedBird Capital and Abu Dhabi´s International Media Investments, had struck a deal for the title in late 2023.
