German media conglomerate Axel Springer announced Friday it is purchasing the U.K.’s Telegraph Media Group.
Axel Springer, which owns POLITICO, is buying the right-leaning British publication for £575 million (€662 million).
In a statement, Axel Springer CEO Mathias Döpfner said, “more than 20 years ago, we tried to acquire The Telegraph and did not succeed. We have admired this great publication for decades. Now our dream comes true.”