Former Prime Minister Boris Johnson has recently engaged in discussions with ex-Chancellor Nadhim Zahawi regarding a possible position at The Telegraph, as part of Zahawi’s takeover bid for the newspaper. Sources close to Johnson have downplayed the significance of these talks, stating that no substantial discussions have taken place. However, speculation is rife that Johnson could be appointed as The Telegraph’s global editor-in-chief, should Zahawi’s bid prove successful.
Johnson’s involvement in the takeover bid could potentially attract more interest from investors, given his close ties to the newspaper. He previously served as The Telegraph’s Brussels correspondent before becoming a columnist. Currently, Johnson writes a weekly column for the Daily Mail, reportedly earning a six-figure salary.
Zahawi, who served as Chancellor for a brief two-month period under Johnson’s administration in 2022, is currently assembling a consortium to bid for both The Telegraph and The Spectator. The auction process, overseen by bankers at Robey Warshaw and Raine, has seen Zahawi progress to the second round alongside a handful of other suitors. Among the rival bidders are Sir Paul Marshall, the hedge fund tycoon behind GB News, who has secured backing from billionaire Republican donor Ken Griffin. David Montgomery, a veteran newspaper executive owning titles such as The Yorkshire Post and The Scotsman, has also advanced to the second round, although the funding for his bid remains unclear. Two unidentified overseas investment groups are also believed to be in the running.
The Telegraph was put up for sale by its current owner, the Abu Dhabi-backed fund RedBird IMI, after ministers intervened to block the fund’s takeover due to concerns over press freedom. RedBird IMI had previously derailed the initial auction process by striking a deal to repay roughly £1.2 billion in debts owed to Lloyds Banking Group by the newspaper’s previous owners, the Barclay family.
As the bidding process continues, the involvement of high-profile figures like Boris Johnson and the potential backing of wealthy investors suggest that the future ownership of The Telegraph remains a matter of great interest within the British media landscape.
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