The publisher of the Daily Mail has agreed to buy the Daily and Sunday Telegraph for £500 million.
The Daily Mail and General Trust (DMGT) said it had entered into a period of negotiations with RedBird IMI, which put the Telegraph up for sale last spring.
Both sides said they expect the deal to be completed “quickly.”
The deal must be signed by Culture Minister Lisa Nandy. A spokesman said Nandy would “review any new buyer acquiring Telegraph in accordance with the public interest and foreign influence media merger regimes set out in law.”
DMGT chairman Lord Rothermere said he had “long admired the Daily Telegraph” and the deal would give “much-needed certainty and confidence” to its staff.
He added: “The Daily Telegraph is the UK's largest and best quality broadsheet newspaper and I grew up respecting it. It has a remarkable history and has played a vital role in shaping the national debate in Britain for many decades.
“Under our ownership, the Daily Telegraph will become a global brand, just as the Daily Mail has become.”
RedBird IMI is a joint venture between the United Arab Emirates and the American private equity firm RedBird Capital Partners.
RedBird Capital itself filed a bid to take control of the stock, which collapsed last week amid ongoing concerns about potential foreign influence.
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