If the Telegraph goes to an open auction, there are likely to be trade bidders who will be focused on the profit and loss account and not over-bidding like the Barclays did. They will sweat the asset.
There will also be other bidders who will view it as a prestige trophy asset giving them influence over public life and politics. Who can afford to pay the price?
Some names in the frame for forming a syndicate include billionaires Peter Hargreaves, Peter Cruddas and Paul Marshall. Arron Banks might be tempted back into the fray in a syndicate. Maybe Narayana Murthy might fancy diversifying out of information technology into media and making the paper’s editorial line more sympathetic to his son-in-law? A look down the list of big Tory donors might give a clue as to potential members of a syndicate…
The Spectator could be spun out from the Telegraph – it makes solid profits (circa £2 million), and could function as a stand alone asset. A management buyout, perhaps with external financial backers, could be a possibility. Lord Ashcroft was rumoured to have contemplated offering £20 million for the magazine some years ago, Guido suspects it will go for more like double that to a trophy buyer…
GB News investors have committed to a further £60 million capital injection to accelerate its growth, with existing backers Legatum Ventures Limited and Sir Paul Marshall having bought out Discovery Inc. Co-lead investor Sir Paul says:
“This is more than a financial investment. As investors we’re proud of what GB News doing for media plurality in the UK, bringing fresh perspectives to the national conversation on issues that matter to real Britain.”
GB News CEO Angelos Frangopoulos announced new appointments:
So far the GB News formula is beating the TalkTV formula for audience share. The financial backers seem happy…
