All posts tagged: 575M

Axel Springer ousts DMGT with deal to buy Telegraph for £575m

Axel Springer ousts DMGT with deal to buy Telegraph for £575m

Published by Sam Flores

Axel Springer CEO Mathias Döpfner. Picture: Robert Downs/INMA German newspaper group Axel Springer has agreed a deal to buy The Telegraph for £575m in cash. The deal trumps a previous agreement signed in November between current owner Redbird IMI and Daily Mail owner DMGT, which had planned to pay £400m upfront and a further £100 within two years. Axel Springer chief executive Mathias Döpfner said The Telegraph has “massive growth potential” and he wants to “help it become the most read and intellectually inspiring center-right media outlet in the English-speaking world”, promising investment. Scroll down for Döpfner’s full statement Axel Springer initially expressed an interest in taking part in the auction for The Telegraph in 2023. More recently it was reportedly involved in the preparations for a bid by New York Sun publisher Dovid Efune but has agreed the new deal without his involvement. It thanked Efune “for his essential support and assistance” in a statement. Axel Springer owns Politico, Business Insider and Axios as well as German newspapers Bild and Die Welt. The Telegraph …

German media giant Axel Springer to buy Telegraph Media Group in £575m deal | Money News

German media giant Axel Springer to buy Telegraph Media Group in £575m deal | Money News

Published by Sam Flores

German media giant Axel Springer is to buy Telegraph Media Group in a £575m deal that will see the Daily and Sunday Telegraph print titles and their online business come under overseas ownership. The deal, which is subject to regulatory approval, will see titles with historic links to the Conservative Party and the British establishment, in the same stable as German titles Bild and Die Welt, along with online specialist media brands Politico and Business Insider. The owner of the Daily Mail had been in talks to buy The Telegraph titles for several months, a deal that would have brought several of the UK’s largest right-of-centre outlets under single ownership. Money blog: Change in cheapest day of the week to fly has changed Scepticism about that deal has grown after an exclusivity period passed without a deal, amid concern any transaction would face intense scrutiny from the Labour government given of the political stance of the titles. Discussions between Axel Springer and Redbird IMI, the US-Emirati group that controlled ownership of the group, intensified in …

POLITICO owner Axel Springer buys Telegraph for £575M – POLITICO

POLITICO owner Axel Springer buys Telegraph for £575M – POLITICO

Published by Sam Flores

He added: “We want to help it become the most read and intellectually inspiring center-right media outlet in the English-speaking world.” Axel Springer wasn’t the only media company interested in purchasing the Telegraph, as the Daily Mail & General Trust had proposed a £500 million takeover. Döpfner added: “The Telegraph stands for freedom, personal responsibility, democratic values and a belief in open societies and market economies. These convictions closely align with our Axel Springer essential values.” A spokesperson for the U.K.’s Department for Digital, Culture, Media and Sport, which oversees media mergers in the U.K. on competition and foreign influence grounds, said Friday: “We note the announcement today on the sale of Telegraph Media Group. The Secretary of State will, as she has throughout, follow the established regulatory process and assess the new deal proposed. We will keep Parliament updated on this process.” Döpfner’s statement said that the buyer and seller “believe that the transaction is fully compliant with the UK’s Foreign State Influence regime.” Source link

PacifiCorp to Pay 5M to Resolve Federal Government’s Claims Over Wildfires in Oregon, California

PacifiCorp to Pay $575M to Resolve Federal Government’s Claims Over Wildfires in Oregon, California

Published by Sam Flores

PORTLAND, Ore. (AP) — PacifiCorp has agreed to pay $575 million to resolve the federal government’s claims for damages stemming from six wildfires in Oregon and California in 2020 and 2022, federal officials announced Friday, in the utility’s latest multimillion-dollar payout related to the deadly blazes. The settlement resolves the federal government’s claims that PacifiCorp’s electrical lines negligently started four fires in Oregon in 2020 and two fires in California in 2020 and 2022, the Justice Department said. The money will help restore some of the 290,000 acres (117,359 hectares) of public land that burned. It will also help repay the government for the cost of fighting the fires, which the department said was “critical because the U.S. Forest Service now spends more than half of its budget on wildfire suppression annually.” “This settlement served the Department’s longstanding policy of holding individuals and corporations responsible for damages caused by wildfires. Every fire impacting federal lands, no matter the size, is a priority,” U.S. Attorney Eric Grant of the Eastern District of California said in a …