Axel Springer has agreed to acquire the Telegraph Media Group from RedBird IMI for £575 million in cash, the German media giant announced. The deal marks a major expansion for Axel Springer into the UK market, bringing under its umbrella one of Britain's most prominent center-right news outlets.

Axel Springer CEO Mathias Döpfner said the company had tried to buy The Telegraph over 20 years ago, calling ownership of this 'institution of quality British journalism' both a privilege and a duty. The company plans to preserve the Telegraph's distinctive character while expanding it into the United States, leveraging expertise from its POLITICO and BUSINESS INSIDER brands.

The transaction will undergo review by the Department of Culture, Media and Sports and other stakeholders in coming weeks. Axel Springer emphasized that editorial independence remains sacrosanct at the company, with financial success viewed as the best safeguard for that independence. The German publisher will back an investment program to help the Telegraph become the leading center-right media outlet in the English-speaking world.