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National World sizes up possible bid for Telegraph Media Group

10th Aug 2023 15:08

(Alliance News) - National World PLC on Thursday said it is considering making an offer for the Telegraph Media Group, the up for sale operator of the Daily Telegraph newspaper in the UK and Spectator magazine.

National World, which already has the Yorkshire Post and The Scotsman among its titles, said it will "consider participating in a sale process" for Telegraph Media Group.

"As the company has previously announced, its growth strategy is rooted in actively exploring opportunities to build its business through acquisitions and implementing its new operating model for owned assets," National World said.

"There can be no certainty that an acquisition will take place, nor as to the terms of such an acquisition."

National World shares rose 0.9% to 17.90 pence each in London on Thursday afternoon.

Telegraph Media Group is currently controlled by Lloyds Banking Group PLC, following a dispute with the Barclay family, the company's former owners. Lloyds named AlixPartners as official receivers in June, though it has been business as usual for TMG's titles. It has not been placed into administration.

Sky News in June reported that Lloyds Banking was to launch a GBP600 million auction of TMG.

By Eric Cunha, Alliance News news editor

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