Former CNN boss gets behind Barclay coup for Telegraph titles
The Telegraph sale saga is back in the spotlight once again.
This time, media and sports investment fund Redbird IMI is reportedly throwing its weight behind the Barclay family’s £1.1bn attempt to reclaim control over The Telegraph and The Spectator.
Redbird IMI, led by former CNN chief Jeff Zucker, is said to be helping the family’s strategy to settle the bank debt alongside an unknown member of the Abu Dhabi royal family, each contributing equally.
The new offer is a complete repayment of the £1.1bn debt owed to Lloyds after it forced the owners of the right-leaning papers into receivership.
According to the report by Sky News, Lloyds Banking Group will seriously need to consider the latest offer tabled by the former owners of the Telegraph titles.
This is because it is significantly more than £600m that analysts expect the Daily Telegraph, The Sunday Telegraph and The Spectator magazine to fetch if they sell at auction, which kicked off last month.
It comes just two weeks after the lender spurned the latest attempt by the Barclay clan to repurchase the Telegraph, much to the relief of other hopefuls.
Some other bidders are concerned the anonymous Middle Eastern support raises regulatory and national security concerns.
Redbird IMI and Lloyds Bank did not immediately respond to Morning Wire‘s request for comment. The Barclay family could not be reached for comment.
Media titan Jeff Zucker held the helm at CNN for almost a decade until his departure last year.