Daily Mail owner secures funding for £500m takeover of Telegraph

AI Summary
The Daily Mail and General Trust (DMGT), owned by Lord Rothermere, has secured funding for a £500m takeover of the Telegraph. DMGT will pay RedBird IMI in two installments, using a combination of increased debt, company cash, and a DMGT bond. The deal, which requires regulatory approval from the Culture Secretary, the Competition and Markets Authority, and Ofcom, follows RedBird IMI being forced to sell the Telegraph due to UK legislation against foreign state ownership. DMGT states that the Mail and Telegraph editorial teams will remain separate and editorially independent. While DMGT aims to provide certainty to Telegraph staff, rival bidder Dovid Efune, owner of the New York Sun, is also considering a bid with backing from David Smith and Jeremy Hosking.
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