Awani Review

Complete News World

United Kingdom: The Telegraph, one of the leading British media groups, has been put up for sale

United Kingdom: The Telegraph, one of the leading British media groups, has been put up for sale

Many potential buyers are already on the starting blocks.

“The boards of directors of the parent companies of The Telegraph Media Group Limited and The Spectator Limited announce that their advisers will commence the sale process (on Friday) of each of these companies,” a Telegraph Media Group press release said.

A few days ago, the Barclay family failed in a last-minute bid to repay debts worth a billion pounds (1.15 billion euros) and regain control of the group, which includes the Sunday Telegraph and the Spectator, British media reported. Press.

According to multiple media outlets, Goldman Sachs is managing the operation.

Lloyds Bank and its subsidiary Bank of Scotland announced in June that they would put the group up for sale to pay off unpaid debts.

According to a source close to the matter contacted by AFP, German press group Axel Springer, publisher of Tabloid Bild, is among the interested buyers, as is Telegraph’s rival DGMT, particularly the tabloid’s parent company. Daily Mail.

The same source also mentioned the National Global Group, led by David Montgomery, former managing director of the Mirror press group, and Czech billionaire Daniel Kredinsky, who has invested heavily in media in France in recent years.

According to him, the sale process will last several months.

According to the Guardian, the list of takeover candidates is growing, with Paul Marshall, the founder of a London hedge fund and a minority investor in the GB News TV channel, along with American billionaire Ken Griffin.

Media mogul Rupert Murdoch’s company, News UK, could compete for viewers, according to former Dow Jones Group chief executive William Lewis.

See also  10 cities you must visit in the United States

According to analysts cited by PA, the sale of Telegraph’s assets could fetch around 500 million pounds (573 million euros).

Lloyds appointed receivers from consultancy AlixPartners in June, while launch activities continued as normal.

AlixPartners announced in June that Howard and Aidan Barclay had been axed as directors of the Telegraph Media Group and The Spectator magazine.

Twin brothers Frederick and David Barclay (father of Howard and Aidan Barclay, who died in 2021), bought the group’s newspapers in 2004 for £665m (€763m).