The Berlin-based media giant Axel Springer says it is buying the UK newspaper Daily Telegraph after a protracted search for a new owner. If successful, the plan is to "turbocharge" expansion into the United States.

Axel Springer has reached an agreement to acquire the Telegraph Media Group (TMG) for USD 766 million, the companies announced Friday. The deal brings a definitive end to a protracted and often contentious bidding war for the 171-year-old broadsheet, marking a significant shift in the British media landscape as the historic title moves under international ownership. German Media Group Axel Springer To Buy UK’s Daily Telegraph for USD 766 Million.

Axel Springer says it will preserve the Telegraph’s legacy while providing a platform for expansion.