executive and foreign publishers are being lined up for a £600m bidding war to buy the Telegraph newspapers, industry sources say.after pushing its parent group into receivership over £65m worth of debts owed by long-standing owners the Barclay family.
Hedge fund boss Sir Paul Marshall, who backed GB News, could emerge as a bidder for the Telegraph newspapers understands that Richard Desmond, former owner of the Daily Express, has been approached but has ruled out a bid.: “That form of media is old hat. Richard is busy working on a new hat.” Frederick Barclay and his twin brother David, who died two years ago, paid £665m for the Telegraph group in 2004.Lloyds has put B.UK, a Bermudian-based holding company that ultimately controls the Telegraph titles and the Spectator magazine, into receivership with the firm AlixPartners.
“An auction to interested parties may be one way of maximising value, attempting to minimise lender intervention; a lender’s terms, however, may well limit, to the extent consent is required, this as an option.” The spokesman added that Telegraph Media Group had been “performing extremely well and now has over 750,000 subscribers”.