The owner of the Daily Mail, DMGT, 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 deal means that the paper will have its fourth owner in as many years.
The sale was attacked by Labour leader Jeremy Corbyn, who said in a tweet that two billionaires now owned half the UK's top 10 daily newspapers.