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Wednesday, June 19, 2024

Great Britain. The Daily Telegraph, Sunday Telegraph and The Spectator are up for sale

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Three British newspapers will be put up for sale due to unreturned loans taken by their parent company. These are the Daily Telegraph and its Sunday Telegraph and The Spectator weekly, Lloyds Bank said.

Bank-appointed trustee Alix Partner said on Wednesday that it had taken control of Telegraph Media Group and The Spectator (1828) Ltd., replacing the previous owners, the Barclay family, and as a result, family members Howard and Aidan Barclay were removed as directors.

British newspapers for sale

Both Lloyds bank and receiver Alix Partner stressed that the case was not related to the financial situation of profitable newspapers and that they would not influence their editorial decisions.

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The listing of the newspapers for sale is due to the lack of an agreement on the loan taken several years ago by the B.UK holding, registered in Bermuda, to which the above-mentioned newspapers belong through other companies. Lloyds says it is open to leaving the newspapers in the hands of the Barclay family if these loans are repaid, but this seems unlikely, especially as Lloyds has already appointed investment bank Lazard to carry out the sale process.

According to analysts, the combined value of the Daily Telegraph, Sunday Telegraph and The Spectator is £500-600 million, but the sale figure could be even higher if bids are outbid between potential buyers, which is a realistic scenario because rarely it happens that nationwide titles with such a strong position are put up for sale.

All three titles have a distinctly conservative profile. Established in 1855, the Daily Telegraph has average sales of over 300,000. copies, and the “Sunday Telegraph” published since 1961 – over 200,000. In turn, “The Spectator”, founded in 1828, is the oldest continuously published weekly in the world, and its sales are approx. 100,000.

The Daily Telegraph and Sunday Telegraph were acquired in 2004 by twin brothers Frederick and David Barclay for £665m. Rumors about the possible sale of these titles have been circulating for several years, and they intensified after the death of David Barclay in 2021.

Main photo source: Shutterstock

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