Influential UK media group is up for auction with several rival news publishers hoping to claim the prize
Waiting for the outcome of the auction of the Telegraph Media Group is like hovering near the supermarket bread section to see who will buy the last full-priced sourdough loaf before the entire bakery is stickered with discounts. It turns out quite a few men are keen.
Among them are two familiar front-runners: German publisher Axel Springer and Daily Mail owner DMGT, led by Jonathan Harmsworth, aka Lord Rothermere. Both companies were underbidders back in 2004, when David and Frederick Barclay acquired the group from Hollinger International for £665 million. Hollinger subsequently boasted that it had secured an “epic” price for the Telegraph after the process attracted as many as 57 initial expressions of interest. For a similar number to flock to it this time around seems deeply implausible. Still, though, there’s a crowd.
It doesn’t appear minded to throw about silly money, however, with the company’s attention to its bottom line in the KKR era proving consistent: executives earlier this year were quick to extol the cost-saving virtues of artificial intelligence as they let go staff. That’s not a fate that will have the Telegraph’s employees sleeping easy.
From Bangor, Co Down, Montgomery is a veteran newspaper executive and investor who now leads local and regional news group National World, whose journalists went on strike last month over low pay and low morale. He was another disappointed party in 2004, when he led a bid by private equity group 3i.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Laura Whitmore recalls being asked about “side boob” on first Late Late Show appearanceTV presenter Laura Whitmore has spoken about being asked an awkward question during her first appearance on the Late, Late Show.
Read more »
– Laura Whitmore Surprises Fans With Big AnnouncementThe website for Irish women
Read more »
Laura Fox says it was hard to celebrate 2FM job 'at the expense of someone else'The newest presenter of Ireland's Fittest Family was thrilled to land her own weekend radio show on 2FM but understood it was a sensitive time for other people in the station
Read more »
Journalist fired for racist tweet about Harry and Meghan’s newborn daughterBritish journalist Julie Burchill has been fired from the Telegraph following a racist tweet about Prince Harry and Meghan Markle's baby girl.
Read more »
The 6 GBBO contestants we meet every yearThe website for Irish women
Read more »