POLITICO owner purchasing British broadsheet.
German media conglomerate Axel Springer announced Friday it is purchasing the U.K.’s Telegraph Media Group.
Axel Springer, which owns POLITICO, is buying the right-leaning British publication for £575 million (€662 million).
In a statement, Axel Springer CEO Mathias Döpfner said, “more than 20 years ago, we tried to acquire The Telegraph and did not succeed. We have admired this great publication for decades. Now our dream comes true.”
He added: “We want to help it become the most read and intellectually inspiring center-right media outlet in the English-speaking world.”
Axel Springer wasn’t the only media company interested in purchasing the Telegraph, as the Daily Mail & General Trust had proposed a £500 million takeover.
Döpfner added: “The Telegraph stands for freedom, personal responsibility, democratic values and a belief in open societies and market economies. These convictions closely align with our Axel Springer essential values.”