"As the dust settles from the battle for the ownership of the Daily Telegraph, one man has been left standing: Lord Rothermere, whose family have been a mainstay of British newspapers for more than a century. This is a very British stitch-up, said Lionel Barber, the former editor of the Financial Times. Lord Rothermere has played a very astute poker hand, he's shown patience and he's the big winner."
"Rothermere was previously in negotiations to buy 9.9% equity in the Telegraph. I've always maintained that he was the likely owner, once Cardinale RedBird IMI exited, because they were never going to be decades-long owners of the Daily Telegraph, Barber said. Rothermere was sitting there with 9%, and he therefore would have been in a very strong position in five or seven years to take over."
Lord Rothermere has emerged as the last major contender for ownership of the Daily Telegraph after rival bidder RedBird IMI withdrew. DMGT agreed a 500m deal with RedBird IMI that could conclude a sale triggered by Barclay family debts and the 2023 listings of the Telegraph titles and the Spectator. RedBird Capital faced newsroom campaigning over alleged links to China and earlier criticism of an Abu Dhabi-backed offer, prompting concerns about foreign-state influence and political remarks about nationalisation. Rothermere held around 9% and was well placed to consolidate control over time. DMGT anticipates quick completion that would expand its media footprint.
Read at www.theguardian.com
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