Category Archives: Sunday Telegraph

‘We’re sick of being the story’: what next for the Telegraph after takeover collapses?

Posted on by

Media group’s future is again in limbo – and it faces questions over the asking price as well as regulatory hurdles

The withdrawal of the bid for the Telegraph led by RedBird Capital has once again plunged the future of the titles into uncertainty, and raises questions over the dogged refusal of its sellers to drop the eye-watering £500m asking price that had driven away other potential suitors.

On Friday, a consortium that also included UAE fund International Media Investments (IMI) as well as the owner of the Daily Mail and the billionaire Sir Leonard Blavatnik, abruptly dropped its bid with no explanation given.

Continue reading...

Decision on foreign state stakes in UK press could end Telegraph limbo

Posted on by

Cap of 15% could allow US firm RedBird Capital to finalise deal to buy titles after two years of uncertainty

The government will allow foreign states to own stakes of up to 15% in British newspapers in a move that could finally end two years of uncertainty over the ownership of the Telegraph titles.

The Department for Culture, Media and Sport is to announce the limit on Thursday through the introduction of a new statutory instrument in parliament, ending a months-long consultation involving intensive lobbying by newspaper owners.

Continue reading...

RedBird Capital confident of tabling a deal to take control of Telegraph

Posted on by

Guardian understands plan from US private equity firm to form a consortium or self-fund could come as soon as next month

The US private equity firm RedBird Capital is confident of tabling a deal to take control of the Daily and Sunday Telegraph as soon as next month, in an attempt to end two years of “paralysis and unhappiness” at the 170-year-old titles.

The firm’s founder, Gerry Cardinale, is personally involved in drafting a plan to either form a consortium or self-fund a takeover at Telegraph Media Group, the Guardian understands.

Continue reading...

Efune insists his Daily and Sunday Telegraph bid is still on track

Posted on by

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...

MPs add to pressure on ministers to vet Barclay family’s Telegraph offer

Posted on by

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...

UK minister intends to refer Barclay family’s offer for Telegraph to Ofcom

Posted on by

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...

Sale of Telegraph newspapers and Spectator kicks off

Posted on by

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.

Continue reading...