Owner of U.K.’s Daily Mail Nears Deal to Buy Rival Daily Telegraph

The owner of the U.K.’s Daily Mail is in exclusive talks to buy upmarket rival the Daily Telegraph, in a deal that would end a controversial sale process and create a powerhouse in British right-wing media.

Daily Mail and General Trust said it is completing terms with RedBird IMI, the caretaker owner of the newspaper, for a transaction worth £500 million, or about $655 million.