Politico owner Axel Springer to acquire UK Telegraph for £575m, deal awaits regulatory approval

German media group Axel Springer announced on Friday that it will acquire Telegraph Media Group for 575 million pounds, and the proposed transaction is subject to approval by British authorities.Axel Springer, owner of Politico magazine, said it is acquiring the right-leaning British publication. The company said the deal requires UK regulatory approval.Mathias Döpfner, CEO of Axel Springer, said in a statement: “More than 20 years ago, we tried unsuccessfully to acquire the Telegraph. We have admired this great publication for decades. Now our dream has come true.”He added: “We want to help it become the most read and inspiring center-right outlet in the English-speaking world.”Axel Springer is not the only media company interested in buying the Telegraph, with the Daily Mail & General Trust already proposing a £500m takeover.Dopfner added: “The Telegraph stands for freedom, individual responsibility, democratic values ​​and belief in an open society and a market economy. These beliefs are closely linked to our fundamental values ​​at Axel Springer.”A spokesman for the Department for Digital, Culture, Media and Sport said on Friday: “We note today’s announcement about the sale of Telegraph Media Group. The UK Secretary of State will, as she has always done, follow the established regulatory process and evaluate the proposed new deal. We will keep Parliament updated on the status of this process.”“Dopfner’s statement said the buyer and seller “believe the transaction is fully compliant with the UK’s foreign influence regime”.