Telegraph sold for £575m as German buyer elbows out Daily Mail

Axel Springer, owner of Bild and Die Welt, is understood to have agreed all-cash deal for one of UK’s oldest newspapers

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Axel Springer, the owner of Politico and Business Insider, is to acquire the Telegraph after tabling a £575m deal that has scuppered a rival deal from the owner of the Daily Mail.

Springer, which also owns Europe’s biggest newspaper, Bild, and the daily Die Welt, has agreed an all-cash deal for the Daily and Sunday Telegraph.