Daily Mail publisher agrees to buy Daily Telegraph for £500m

The publisher of the Daily Mail has agreed to buy the Daily and Sunday Telegraph for £500m.

The Daily Mail and General Trust (DMGT) said it had entered a period of discussion with RedBird IMI, which put the Telegraph up for sale last Spring.

The two parties said they expected the deal to be finalised "quickly".

The deal needs to be signed off by Culture Secretary Lisa Nandy. A spokesperson said Nandy would "review any new buyer acquiring the Telegraph in line with the public interest and foreign state influence media mergers regimes, set out in legislation".

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