Don’t expect clarity on the future of the Telegraph any time soon

City Comment: It seems all but inevitable that the question of control of the Telegraph and Spectator will be kicked even deeper into the long grass

It has already been nine months since Telegraph Media Group was first put up for sale after the Barclay family lost control of the company to Lloyds Bank (PA)

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Jonathan Prynn, Business Editor @JonPrynn11 March 2024

Today two thick reports landed on the desk of Culture Secretary Lucy Frazer, one from media regulator Ofcom, the other from competition watchdog the CMA.

Only she and a handful of officials will know the contents of the tomes — and none of them are talking today.

The reports, into the RedBird IMI takeover bid for Telegraph Media Group, were originally commissioned by her in November, when she issued a Public Interest Intervention Notice into the Abu Dhabi ruling family backed offer.

Since then a chorus of Tory party grandees, including voices as varied as former prime minister Sir John Major, and ex-home secretary Suella Braverman, as well as figures such as the former head of MI6, have warned against allowing ownership of one of Britain’s key media assets to pass from the Barclay family to “an autocratic state”.

It is the hottest of hot potatoes for Ms Frazer and her boss Rishi Sunak, landing at a time when the Conservative party can ill-afford any more negative headlines.

It seems all but inevitable then that the question of the future control of the Telegraph titles and the Spectator, will be kicked even deeper into the long grass.

She is likely to return the proposed deal to the CMA, the Competition and Markets Authority, to give it its full title, for a further deeper “phase two” examination.

That would delay a decision for several months but take it even closer to the likely date of an election in the autumn.

Given the intense political sensitivities, and the timing, it seems highly unlikely that the takeover can go through in its current form, despite all the assurances about editorial independence that have been given by the bidders.

It has already been nine months since Telegraph Media Group was first put up for sale after the Barclay family lost control of the company to Lloyds Bank.

The first anniversary of one of the most complex and high-profile corporate disposal processes will certainly be marked before the future of the titles is any clearer.