The owner of the Daily Mail, DGMT, has bought the i newspaper and website for £49.6m from JPI Media.
DMGT chairman Lord Rothermere said the paper was “a highly respected publication with a loyal and engaged readership”.
“We are committed to preserving its distinctive, high quality and politically independent editorial style.”
The Competition and Markets Authority will have to approve the deal.
In 2018, the i reported an operating profit of £11m from £34m in sales.
The i was first launched in 2012 as a sister paper to the Independent and sells for 60p on weekdays and £1 on Saturdays.
In 2016 it was sold for £24m to Johnston Press, which was bought out of administration last year by JPI Media.
DMGT had been mulling the purchase for at least a year, but was beaten by JPI Media’s deal with administrators.
Johnston Press was one of the largest local and regional newspaper organisations in the UK with a history dating back more than 250 years, but it had debts of £220m.
The deal leaves JPI with The Scotsman and Yorkshire Post among its biggest titles. In total it owns about 200 newspaper brands.