German group Axel Springer to buy Telegraph – Daily Business

German media group Axel Springer has outbid the owner of the Daily Mail to buy The Telegraph in a deal worth £575 million.

Springer has pledged to preserve the “distinctive character and legacy” of the newspaper after seeing off a £500m bid by Lord Rothermere’s Daily Mail and General Trust (DMGT).

Mathias Döpfner, chief executive of Axel Springer, said: “More than 20 years ago, we tried to acquire the Telegraph and did not succeed. Now our dream comes true. To be the owner of this institution of quality British journalism is a privilege and a duty.”

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