German media giant considers bid for Telegraph papers

by Staff,, Brand Republic 08-Dec-03, 08:30

LONDON – An unthinkable fate could await the Euro-sceptic Daily Telegraph if Lord Black is forced to sell as German media giant Axel Springer considers a bid for the Telegraph Group.

According to a report in the Mail on Sunday lawyers for Axel Springer, which owns Europe's biggest-selling daily newspaper Die Welt, are looking at making a bid.

If it makes a bid it would be the second time the Berlin-based firm has looked at acquiring a British newspaper group. Five years ago it considered making an attempt to buy the Daily Mirror.

Unlike the Daily Telegraph, Axel Springer's papers are pro-European and operate according to a guiding editorial principle to "further the unification of Europe", which is not something that would sit well at Canary Wharf.

Axel Springer is the latest group to be connected with a possible bid for the Telegraph titles. Hollinger chairman and chief executive Lord Conrad Black could be forced to sell his newspapers after the company was plunged into scandal last month when it was revealed that he and several other board members had received unauthorised payments totalling $32.15m (£19m). Hollinger said that Lord Black received $7.2m, which he has promised to pay back.

Other possible bidders include former Sunday Telegraph editor Charles Moore, the Daily Mail & General Trust, Express Newspapers proprietor Richard Desmond, former Mirror Group chief executive David Montgomery, outgoing Carlton chairman Michael Green, the Barclay brothers, and former Telegraph Group managing director Stephen Grabiner.

If they are sold the Daily and Sunday Telegraph could fetch around £400m.

If you have an opinion on this or any other issue raised on Brand Republic, join the debate in the Forum here.