(MENAFN- Khaleej Times)

Daily Mail owner DMGT on Saturday said it has struck a 500 million pound ($650 million) deal to buy the rival newspaper The Telegraph in a tie-up that would create one of the most powerful right-leaning media groups in Britain.

The deal comes a week after US-based private investment firm RedBird Capital Partners withdrew its bid for the Telegraph, one of Britain's biggest newspapers.

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A source close to RedBird told Reuters that sustained internal opposition from senior figures within the Telegraph newsroom had prompted it to walk away.

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People close to the talks said the transaction was worth about 500 million pounds. The Financial Times said the price had been set to repay the money spent by the RedBird-fronted consortium.

The parties have entered a period of exclusivity to finalise the terms of the transaction and to prepare the necessary regulatory submissions, which they expect to happen quickly.

A spokesman for RedBird IMI said:“DMGT and RedBird IMI have worked swiftly to reach the agreement announced today, which will shortly be submitted to the Secretary of State.”

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