Judul : Daily Mail Owner Finalizes £500m Acquisition of The Daily Telegraph
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Daily Mail Owner Finalizes £500m Acquisition of The Daily Telegraph
The publisher of the Daily Mail has finalized a £500 million agreement to acquire the Daily Telegraph, with the objective of ensuring the longevity of one of the globe's most esteemed media outlets.
DMGT has entered into an exclusivity deal with RedBird IMI, which has intervened to acquire The Telegraph Media Group, to finalize the transaction details and prepare the required regulatory filings: should it be approved, the Daily Telegraph would become part of DMGT's wide range of publications that also features the Daily Mail, The Mail on Sunday, Metro, The i Paper, and New Scientist.
DMGT states that the proposed acquisition would bring 'much-needed confidence' to Telegraph staff following years of uncertainty regarding the publication's future, and allow the group to 'leverage DMGT's substantial resources and expertise in revitalizing media brands in the digital era and expanding British brands into global news organizations'.
If the agreement is accepted, the Telegraph will continue to have its own editorial freedom.
The statement was made a week following RedBird Capital, the American private equity firm headed by former Goldman Sachs executive Gerry Cardinale, abandoning its effort to acquire the 170-year-old publication.
The upcoming merger must receive approval from the UK's regulatory authorities. It will not include foreign government investment or funding.
In a statement, DMGT mentioned: 'For over a century, DMGT has taken pride in being a responsible guardian of media assets, which it maintains for the long term. The company intends to make significant investments in TMG with the goal of speeding up its global growth. It will concentrate especially on the USA, where the Daily Mail is already performing well, with established editorial and business operations.'
It stated: 'DMGT strongly values the editorial autonomy of its publications, and The Daily Telegraph would continue to operate independently from other titles within the group. The deal would adhere to the UK's Foreign State Influence regulations since there would be no foreign state investment or capital involved in the funding arrangement.'
DMGT is assured that any regulatory procedures can be completed quickly and favorably, given the strong case for approving the acquisition.
The current media environment is vastly different from what it was ten years ago. News organizations now face competition from large global online platforms as well as numerous digital and social media news outlets, some of which are not trustworthy.
The significance of reliable news media has never been greater, and demands news publishers who have the size and expertise to succeed.
The chairman of DMGT, Lord Rothermere, stated: 'I have always had a great respect for the Daily Telegraph. My family and I have a lasting passion for newspapers and the journalists who produce them.'
The Daily Telegraph is the UK's biggest and most esteemed broadsheet newspaper, and I have always held it in high regard. It boasts an impressive history and has been instrumental in influencing the country's national discussions for many years.
Chris Evans is a highly skilled editor, and we plan to provide him with the necessary support to enhance the newsroom. With our ownership, the Daily Telegraph will evolve into an international brand, similar to how the Daily Mail has done.
A representative from RedBird IMI stated: 'DMGT and RedBird IMI have acted quickly to finalize the agreement revealed today, which will soon be presented to the Secretary of State.'
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