CVC eyes up possible Telegraph bid - report

17th Jul 2024 08:30

(Sharecast News) - Private equity giant CVC is running a slide rule over The Telegraph, it was reported on Wednesday, the latest potential bidder to show an interest in the UK newspaper.

The Telegraph was put for sale for the second time in 12 months earlier this year, after an attempt by Abu Dhabi-backed RedBird IMI to take control was blocked by the government.

RedBird IMI is therefore now looking to offload the newspaper and its sister title, political magazine The Spectator.

According to The Telegraph itself, which first reported the story, CVC would support the current management as well as efforts to prioritise online news.

It is also understood to be open to maintaining RedBird IMI as a passive, minority shareholder, the newspaper noted.

Amsterdam-listed CVC, the backer of Six Nations Rugby, declined to comment.

CVC first considering backing a takeover of the Telegraph back in 2004, when it was sold to the Barclay brothers.

The family lost control of the business last year, in a long-running dispute with Lloyds Banking Group over unpaid debts of more than £1bn.