American buyout firm RedBird has agreed a deal to take control of the Daily and Sunday Telegraph after a two-year ownership vacuum.
RedBird Capital will buy the stake owned by Emirati royal Sheikh Mansour bin Zayed Sultan al-Nahyan who had bankrolled an earlier bid.
That bid was rejected by the previous government, which passed a law preventing foreign governments owning British newspapers or news magazines.
The current proposed deal will need regulatory approval.