Interested parties vying for ownership of The Daily Telegraph and The Spectator magazine have been given a deadline of July 19th to submit their initial offers, according to sources familiar with the matter.
The auction, overseen by RedBird IMI, an Abu Dhabi state-backed vehicle, was launched earlier this year after the company struck a deal to acquire the assets. However, their plans were met with government intervention due to concerns over a foreign state owning influential national newspapers.
Confirming the launch of the auction, a spokesperson for RedBird IMI stated, “Prospective owners are now able to submit their initial bids from today. This has been a thorough process which involved speaking to interested parties from around the globe and it is no surprise that interest has remained extremely strong.”
It is expected that bidders will include notable figures such as Sir Paul Marshall, a hedge fund tycoon, and Lord Rothermere, the proprietor of the Daily Mail. National World, led by David Montgomery, is also anticipated to be among the potential suitors.
The Telegraph, historically known for its support of the Conservative Party, has been in a state of uncertainty for nearly a year after its parent companies were taken over by Lloyds Banking Group due to missed debt repayments. Earlier this year, Sky News reported that Raine Group and Robey Warshaw, both known for their involvement in high-profile deals, are being considered as advisors for the next phase of the Telegraph’s ownership.
RedBird IMI has declined to comment on the bid deadline. Interested parties have been given a tight timeline to submit their indicative offers, with the deadline coming just two weeks after the general election. As the process moves forward, it is expected that the competition for ownership of these influential newspaper titles will remain fierce.