The most important thing now is that the Telegraph should be sold soon

So the Barclay brothers’ bid for Conrad Black’s controlling share in Hollinger International has been vetoed by an American judge. We are back to square one. A lot of time has been wasted. Meanwhile the patient itself — i.e., the Daily Telegraph — is ailing. Mercifully its journalists have called off a strike, though they remain sunk in gloom. But the paper is losing sales (though not on a Saturday) as some readers defect to the tabloid Times or the tabloid Independent. The Telegraph’s management has its own tabloid plans, and a budget of £15 million to launch the thing, but dares not push the button until it becomes clear who the new owner will be.

The thought that the sale of the newspaper might take several more months is not a happy one. (By the way, in writing about the Daily Telegraph I should declare an interest, since the upmarket newspaper I am planning with colleagues might be accounted a potential competitor.