In a major development, the Daily Mail's publisher enters an exclusive phase of negotiations to acquire the Daily and Sunday Telegraph.
This comes after RedBird Capital Partners withdrew its £500 million takeover bid last week.
The Daily Mail's parent company, DMGT confirmed that it has began formal discussions with RedBird IMI, a partnership between the United Arab Emirates and US-based RedBird Capital Partners, as part of a proposed takeover.
Around two and a half years ago, the Telegraph faced uncertainty when its lenders took control from the Barclay family.
Now, for the new deal to move forward, BBC revealed that Culture Secretary Lisa Nandy must approve it.
Her spokesperson said she will examine any new buyer to make sure the purchase serves the public interest and does not allow inappropriate influence from foreign governments over a major UK media outlet.
Lord Rothermere, the head of DMGT said he has always admired Daily Telegraph and that this acquisition will provide stability and reassurance for the people who work there.
He added, "The Daily Telegraph is Britain's largest and best quality broadsheet newspaper and I have grown up respecting it. It has a remarkable history and has played a vital role in shaping Britain's national debate over many decades."
DMGT and RedBird IMI believe the agreement will be completed soon.
