finance
German Media Group Completes £575m Takeover of Telegraph
Axel Springer has finalized its purchase of Telegraph Media Group after receiving regulatory approvals in the UK, Ireland and Austria. The deal ends three years of ownership uncertainty that began with the Barclay family's loss of control in 2023.
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The European media group Axel Springer has completed its £575m takeover of the Telegraph, ending three tumultuous years of uncertainty over the future ownership of the 172-year-old titles. The Germany-headquartered company said it had now received all regulatory approvals in the UK, Ireland and Austria to take full control of Telegraph Media Group.
The acquisition followed a last-minute offer that exceeded a competing bid from Daily Mail & General Trust.
The sale process began in 2023 when the Barclay family lost control of the group over £1.16bn of unpaid debts owed to Lloyds bank. A joint venture controlled by a United Arab Emirates vice-president took temporary ownership before a new foreign-ownership law forced the titles back onto the market.
A consortium led by RedBird Capital had agreed a £500m deal that later collapsed. Daily Mail & General Trust then secured government permission to pursue the titles, only for Axel Springer to submit a £75m higher offer that was accepted.
“Today is a day we have worked towards for a long time, and one we will always remember,” said the chief executive and controlling shareholder of Axel Springer. He added that the two companies share commitments to freedom, values, technological change and an entrepreneurial approach.
The editor-in-chief of the Telegraph said the organizations share the same values and vision. He stated that the titles now have a foundation to accelerate digital transformation and expand overseas. The chief executive of Telegraph Media Group said the period without stable owners had been difficult and that the new ownership allows the company to move forward.
