Sky News reports that the future ownership of The Daily Telegraph and its sister publications remains uncertain as advisers Raine Group and Robey Warshaw prepare to guide the sale process.
This follows the government’s move to thwart a £600 million takeover bid by Abu Dhabi-backed RedBird IMI, part-owned by US-based RedBird and majority-owned by Abu Dhabi’s IMI which is backed by Manchester City owner Sheikh Mansour bin Zayed Al Nahyan.
The appointment of the two prominent advisory firms is expected to be finalised in the coming days and will likely culminate in a fresh auction of the right-leaning British newspaper, The Sunday Telegraph, and The Spectator magazine.
Culture Secretary Lucy Frazer adopted legislative changes to prevent ownership of British national newspapers by investors linked to foreign states, effectively blocking RedBird IMI’s attempt to convert debt into equity ownership.
The takeover faced opposition from Telegraph journalists and Conservative politicians, with concerns over its proximity to the next general election.
Previous interested buyers include the Daily Mail proprietor Lord Rothermere and GB News shareholder Sir Paul Marshall.
The Telegraph’s fate has been uncertain since Lloyds seized control from the Barclay family owners when they fell behind on debt repayments nearly a year ago.
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