Daily Mail Owner Reaches £500 Million Deal to Buy Telegraph (2)

Daily Mail & General Trust Plc has signed an agreement to acquire the Telegraph Media Group at a £500 million ($655 million) valuation, days after the US private equity firm RedBird Capital Partners withdrew its offer to buy the right-leaning media organization.

The parties have entered a period of exclusivity to finalize terms and prepare regulatory submissions, which they expect to “happen quickly,” DMGT said in a statement on Saturday. The deal, with RedBird IMI, will be submitted shortly to the UK Secretary of State, the PE firm said.

The Daily Telegraph newspaper “would remain editorially independent from other titles ...