The search for a buyer for The Telegraph is gaining momentum, with Andrew McTighe, the chairman of Lloyds Bank, leading the effort to sell the newspaper. It is reported that investment bankers will be appointed to run the auctions in the next two weeks. However, the advisory firm, Lazard, which has been assisting Lloyds with its options, might be excluded due to its close relationship with DMGT, the publisher of The Daily Mail, a potential bidder.
Several parties have shown interest in acquiring The Telegraph, including media entrepreneur Sir William Lewis and hedge fund manager Sir Paul Marshall, who is also a co-owner of GB News. Daniel Kretinsky, the Czech gas dealer and owner of West Ham United, has reportedly held discussions about the newspaper, given his ownership of the French newspaper Le Monde. The publicly-listed local newspaper, National World, led by former Mirror Group chief executive David Montgomery, is said to be exploring a bid. Foreign investors, particularly those from Gulf states, could also participate in the sale process.
None of the potential buyers mentioned have made any public statements regarding the sale of The Telegraph, except for Belgian publisher Mediahuis, which expressed interest in 2019. Nevertheless, any buyer would need to navigate regulatory scrutiny around news assets, considering factors such as media plurality and the potential impact on the presentation of news and freedom of expression.
Andrew McTighe’s primary objective is to find a buyer who does not raise such concerns, as lengthy reviews by Ofcom and the Competition and Markets Authority could pose challenges. Lloyds Bank would prefer to avoid owning The Telegraph during an election year, as senior Conservatives have emphasized the need for a quick and transparent sale process.
Andrew McTighe is well-acquainted with Ofcom’s leadership and processes, given his previous role in Openreach, where he oversaw the legal separation of the network infrastructure from BT. He also served on the board of Ofcom for eight years, gaining experience as a regulator.
Dame Melanie Dawes, the CEO of Ofcom, has recused herself from discussions regarding the future of The Telegraph due to her marriage to Benedict Brogan, Lloyds’ corporate affairs director.
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
