An American company called RedBird Capital made a deal to take over The Daily and Sunday Telegraph newspaper on Friday, May 23.
As per BBC, for the past two years, there was no clear owner in charge.
RedBird will buy the ownership share that belonged to Sheikh Masour, a royal from the United Arab Emirates, who had earlier tried to buy the newspaper.
However, that earlier attempt was blocked by the previous UK government which made a law saying foreign governments cannot own British newspapers or magazines.
Now, this new deal by RedBird still needs to be approved by UK regulators before it becomes official.
UK government blocks takeover due to foreign control fears:
As per the reports, both Telegraph titles and The Spectator magazine were taken over by Lloyds Bank because the Barclay family didn't pay back their debts.
The bank then decided to sell all these media outlets through an auction.
In an effort to take control quickly, RedBird and Sheikh Mansour's company, IMI, formed a group and paid all the Barclay family's debts, hoping this would help them avoid the auction and take ownership directly.
But since the consortium mostly came from IMI, which is linked to a foreign government, the UK government stepped in and blocked the group from gaining majority ownership, due to concerns about foreign control of British media.
The Spectator magazine was sold separately last year to Sir Paul Marshall, a billionaire who runs a hedge fund, for £100 million.
As per the reports, IMI is expected to keep a small share of less than 15% in The Daily and Sunday Telegraph newspaper.
