“At this initial stage, the boards and their advisers will assess the readiness of the two titles for a sale, including customary vendor due diligence,” the board added.
An auction for the titles is expected to get under way in the autumn, with the newspaper alone expected to attract bids of around £600m. The sale will be overseen by a new group of directors led by Mike McTighe, a City veteran who currently chairs Openreach and financial trading firm IG Group.‘s former owners, the Barclay family, placed one of their holding companies into receivership.
Earlier this week the Telegraph Media Group said its pre-tax profits had risen by a third to about £39m in 2022. In its full-year results, the company said its focus on digital subscriptions and “continued strong cost management” had powered its earnings growth.