Axel Springer strikes $766 million deal to buy the Telegraph with goal to become ‘leading center-right media outlet’

German media group Axel Springer has agreed to buy the owner of Britain’s Daily Telegraph newspaper for 575 million pounds ($766 million), the companies announced Friday.

The agreement ends a long saga over ownership of the Telegraph Media Group, which publishes the 171-year-old, conservative-leaning Daily Telegraph, its Sunday sister paper and the Telegraph news website.

Berlin-based Axel Springer said it will invest in the group “to enable it to become the leading center-right...