DAILY TELEGRAPH: The newspaper’s original Fleet Street home
Photo credit: CC/Ethan Doyle White
Another bidder, CVC Capital Partners, has entered the auction for The Telegraph newspaper.
The newspaper has been ownerless since June 2023 after Lloyds bank seized The Telegraph and The Spectator as part-payment against the Barclay family’s £1.16 billion (€1.38 billion) debts.
These were paid by RedBird IMI, an investment fund linked to the rulers of the United Arab Emirates, but the previous government hastily brought in legislation aimed specifically at preventing Redbird from taking over the publications.
Private equity firm CVC, which manages £164 billion (€195.47 billion) and has a holding in Premiership Rugby and the Six Nations, is now preparing for talks, City sources quoted by the Telegraph revealed.
Negotiations were by no means finalised and there was no guarantee that CVC was going to make a firm offer, they stressed, although this was the second time that CVC had shown an interest in the Telegraph.
In 2004, CVC had discussed the possibility of backing Daily Mail owner, Lord Rothermere’s bid for the newspaper, which instead was acquired by the Barclays.
Meanwhile, should CVC go ahead, the fund is expected to pay below the £510 million (€608.2 million) that Redbird paid in December 2023.
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Originally from the UK, Linda is based in Valenca province and is a reporter for The Euro Weekly News covering local news. Got a news story you want to share?
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