The Kernel, a London-based tabloid-style news firm, has been bought by American tech media startup Daily Dot Media (DDM) for an undisclosed amount. DDM is the publisher of Austin, Texas-based news site The Daily Dot, according to TechCrunch.

Milo Yiannopoulos, the founder and editor-in-chief of Kernel, is stepping down from his position. However, he said in a statement that will not be taking up a new role but will be in an advisory position in the firm's projects, the report explained.

The Kernel was acquired from majority shareholder BERLIN42, 25% stakeholder Yiannopoulos, and unnamed angel investors, the report added.

According to DDM Chief Executive Officer Nick White, the Kernel would continue for some time but would be integrated soon into DDM. The exact nature of the integration is still to be determined, the report said.

Yiannopoulos launched the Kernel at the beginning of 2012. The firm was established to enforce changes in the tech media industry of Europe, TechCrunch reported.