The publisher of the Daily Mail has agreed to acquire the Daily Telegraph and Sunday Telegraph newspapers for a reported £500m.
The deal, announced by the Daily Mail and General Trust (DMGT), follows discussions with RedBird IMI.
The investment fund is a joint venture between US private equity firm RedBird Capital and International Media Investments of the United Arab Emirates.
This development comes after a separate bid for the Telegraph by RedBird Capital collapsed last week.
The acquisition requires approval from the UK government.
A spokesperson for Culture Secretary Lisa Nandy stated that she would "review any new buyer acquiring the Telegraph in line with the public interest and foreign state influence media mergers regimes." Both DMGT and RedBird IMI have said they expect the transaction to be finalised "quickly." DMGT chairman Lord Rothermere expressed his long-held admiration for the Daily Telegraph, stating the agreement would provide "much-needed certainty and confidence" for its staff.
He described the publication as "Britain's largest and best quality broadsheet newspaper," praising its long history and its vital role in shaping the national debate.
He added that editor Chris Evans is "excellent" and pledged to provide the resources to invest in the newsroom.
Lord Rothermere stated that under DMGT's ownership, the Daily Telegraph would become a "global brand," mirroring the success of the Daily Mail.