Former UK Finance Minister Zahawi Working On 600M Pound Telegraph Bid, Sky News Reports

(MENAFN- Khaleej Times) Published: Mon 22 Jul 2024, 4:55 PM

Last updated: Mon 22 Jul 2024, 4:56 PM

Britain's former finance minister Nadhim Zahawi is assembling a 600 million pound ($776.34 million) bid for The Daily Telegraph, Sky News reported on Monday.

Zahawi, who left parliament in May after opting not to stand again in his Stratford-on-Avon seat, has approached a number of billionaire backers about helping to finance an offer for the daily newspaper, its Sunday sister title and the Spectator magazine, according to the report.

The Reuben family, which owns a vast swathe of property assets and a stake in Newcastle United Football Club, was among those to have been sounded out by Zahawi in recent weeks, Sky News said.

Zahawi is said to be conducting talks about a bid for the Telegraph directly with International Media Investments (IMI), the Abu Dhabi-based vehicle which holds a majority of RedBird IMI, according to Sky News.

Zahawi did not immediately respond to a Reuters request for comment.

RedBird IMI effectively took control of the Telegraph and the Spectator magazine in December when it repaid a debt owed by its then-owner, the Barclay family, to Lloyds Bank.

But the acquisition, which already faced a lengthy regulatory inquiry, was dealt a blow in March when Britain said it would stop foreign governments owning newspapers.

Zahawi is not yet thought to have submitted a formal offer but is said to be confident of securing sufficient financing firepower to table a competitive bid, Sky News said.

Last year, Zahawi was sacked as Conservative Party chair after an investigation found he committed a serious breach by not being open about a tax probe.

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