European media group Axel Springer is understood to be close to buying The Telegraph as part of a £500million deal.
This comes amid a high-profile bidding war for the broadsheet newspaper brand, with the Daily Mail being among the potential buyers.
If given the green light, the deal would see one of Britain’s oldest newspapers come under German ownership.
Among the media brands in Axel Springer’s portfolio are BILD, WELT, POLITICO, and Business Insider.
The Daily Telegraph is a staple of the British press
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Reports suggested the Daily Mail was close to reaching a takeover deal for The Telegraph, which would have seen its owner, Lord Rothermere, form one of the biggest media groups in the UK.
DMGT, the Daily Mail’s owner, had previously put forward a £500million bid for the newspaper last November, but came under regulatory scrutiny over public interest and competition concerns.
US-Emirati group Redbird IMI, which currently owns The Telegraph, began talks with Axel Springer earlier this year, The Financial Times reports.
Those close to the discussions have suggested the deal could be officially confirmed by sometime today.
Telegraph Newspapers is currently up for sale | PAGB News has contacted Axel Springer and Redbird IMI for comment.
The sales process for The Telegraph has lasted around three years, which has meant the media brand has not had a permanent owner in place.
Said process began when Lloyds Banking Group took control over the group due to unpaid debts from the Barclay family, The Telegraph’s previous owners.
