The race to capture The Telegraph and associated assets grinds on in fund boardrooms and SW1 back room talking shops. Guido brings you the latest whispers from the rumour mill…
Guido has already reported on Paul Marshall’s potential bid, which could join forces with David Montgomery’s National World bid – though other partners are in the running for Marshall. Other horses rumored or confirmed to still be in the race include:
A key talking point is the timetable. Access to the data room has not yet been granted – and most bidders will hold their cards close to their chests until they have inspected the state of the internal numbers. Speculation about the date of the general election may push the timetable forwards – with uncertainty over ownership impacting editorial operations. It will be critical for any buyer to be able to navigate inevitable Competition & Markets Authority interest. Moreover, the winning bid will need a mix of strong capital backing, editorial credibility and to pass the litmus test of media world gossip, Which mainly consists of hundreds of hacks nervously clucking about their jobs.
Guido has not confirmed the rumour that Steve Bannon indicated his interest to the Barclays and was told not to even bother trying to bid. It’ll take an experienced media hand, not just a money man, to pull off this deal…
The Financial Times reports Lord Rothermere is set to take over as chief executive of the Daily Mail publisher DMGT, as he assumes control of day-to-day operations. The move comes following the family’s £2.4 billion takeover of the company, which Rothermere says will allow the company to become “masters of our own destiny”. He replaces Paul Zwillenberg, who oversaw a refocus on consumer media, setting the paper on a course for “long-term success”. This will only encourage the Twitter conspiracists…
