Axel Springer | Pakistan

German media group Axel Springer said on Friday it had agreed to buy Britain’s Telegraph Media Group for 575 million pounds ($766.3 million) in cash, bringing to an end a prolonged period of uncertainty over the newspaper’s ownership. The deal gatecrashed Daily Mail owner DMGT’s attempt to buy its broadsheet rival, which had been facing regulatory probes in Britain amid concerns about media plurality. Axel Springer said it would preserve the Telegraph’s legacy while providing a platform for expansion, including in the US, and reaffirmed its commitment to “high-quality, independent journalism” and media plurality in Britain. After buying Politico in a deal valued at around $1 billion in 2021, the Telegraph purchase becomes Axel Springer’s second-largest investment since its founding in 1946, following an earlier failed attempt to acquire the paper in 2004. ‘Swift and efficient’ negotiations Mathias Dopfner, Axel Springer’s CEO, said owning the Telegraph was “a privilege and a duty”. He said the group aimed to ...