Private equity firm plots takeover bid for Telegraph

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Andrew Feinberg

White House Correspondent

Private equity giant CVC is plotting a takeover bid to buy The Telegraph newspaper group.

Telegraph Media Group is seeking a buyer after its proposed takeover by an Abu Dhabi-backed fund was blocked by the Government this year.

The Telegraph itself revealed on Wednesday morning that CVC, which owns sports brands including the Six Nations and La Liga, is lining up a bid for the media group.

It is understood the deal would make it the first UK news outlet owned by a private equity group.

Nevertheless, the plans are not finalised and there is no certainty that a formal bid will be made, according to the reports.

CVC has been contacted for comment.

It comes ahead of a deadline for initial proposals to buy the media company at the end of this week.

Last week, The Times reported that the publisher of the Daily Mail withdrew its interest in buying The Telegraph over concerns over regulatory hurdles, with any move likely to come under pressure from the competition watchdog.

Earlier this week, Sky News reported that there are also growing doubts that another heavily linked suitor, GB News investor Paul Marshall, will put forward a proposal as part of the auction.

Other potential suitors linked with a deal include Yorkshire Post publisher National World and former advertising boss Lord Saatchi.

The Telegraph Media Group and the Spectator magazine have been put up for sale by Abu Dhabi-backed fund RedBird IMI.

RedBird IMI struck a deal with the Barclay family last year to take control of the group by paying off debts to their lender Lloyds.

However, in March, the Government said it would bring forward legislation that would block such state-backed takeover deals in the industry, causing RedBird IMI to immediately auction off the titles.