London, United Kingdom: The owner of the UK tabloid Daily Mail struck a £500 million ($654 million) with US-Emirati consortium RedBird IMI for the purchase of The Telegraph newspaper, The Daily Mail and General Trust said Saturday.
"DMGT has signed an agreement with Redbird IMI over the acquisition of the Telegraph Media Group at a valuation of £500 million", DMGT said in a press release sent to AFP.
The DMGT's potential purchase of its rival 170-year-old newspaper could make it one of the biggest right-leaning media groups in the UK.
