The ownership of the influential British right-leaning newspaper The Telegraph is set to change hands, as Daily Mail owner General Trust PLC (DMGT) has agreed to purchase it for £500 million (approximately $650 million). The deal follows the withdrawal of U.S.-based private investment firm RedBird Capital Partners, which had previously been in talks to acquire the publication. According to the Financial Times, the valuation was determined to cover the repayment of funds spent by the RedBird-led consortium. The parties involved have now entered exclusive negotiations to finalize transaction terms and prepare necessary documentation. The agreement is expected to be submitted soon to the UK Foreign Secretary for approval. Neither The Telegraph nor RedBird IMI has commented further on the matter, though both sides confirmed that discussions were expedited to reach the announced deal.