Asset manager Oaktree out of running as backer but businessman has ‘high confidence’ he will get finance
The British owner of the New York Sun has said his £550m offer to buy the Daily and Sunday Telegraph is still on track, despite a big potential backer not joining the bid.
Dovid Efune entered exclusive talks to buy the Telegraph titles last month after submitting the highest bid in the second round of the auction for the titles.
Continue reading...Call for national security law to be used to investigate proposed deal involving consortium backed by UAE
A group of MPs including the former Conservative party leader Iain Duncan Smith have asked ministers to use national security law to investigate the Barclay family’s proposed deal to give control of the Telegraph to a consortium backed by the United Arab Emirates.
The group of 18 MPs, which also includes Alicia Kearns, the chair of the foreign affairs committee, have written to the deputy prime minister, Oliver Dowden, arguing that the proposed deal poses a “very real potential national security threat”.
Continue reading...Government ‘minded to’ issue intervention notice to call in regulator on public interest grounds
The culture secretary intends to ask the media watchdog to examine the Barclay family’s proposed deal to hand control of the Telegraph and the Spectator magazine to an Abu Dhabi-backed consortium.
Lucy Frazer said on Wednesday she was “minded to” call in Ofcom to look at the investment fund’s plans to take over the titles in exchange for repaying £1.15bn of the family’s debts to Lloyds Banking Group.
Continue reading...Last-ditch attempt by Barclay family to shut down auction with blockbuster £1bn offer thwarted
The sale of the Telegraph newspapers and the Spectator has kicked off, thwarting a last-ditch attempt by the Barclay family to shut down the auction with a blockbuster £1bn offer.
On Friday morning, the boards of the parent companies of Telegraph Media Group (TMG), the parent company of the Daily Telegraph and Sunday Telegraph, and the Spectator said that the advisers Goldman Sachs had launched a sales process for each of the businesses.
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