A few weeks ago BBC television news announced that the Barclay brothers were the new owners of the Daily Telegraph. It has since become plain that they may not be. They hope to acquire Conrad Black’s 30 per cent stake in Hollinger International (owner of the Telegraph newspapers, the Chicago Sun-Times, the Jerusalem Post and this magazine) which carries 73 per cent of the voting rights. Hollinger International is applying to one court in Delaware to block this sale. Lord Black has asked another in Ontario to approve it. No party to this dreadfully tangled affair feels comfortable without issuing several writs.
On behalf of Hollinger International, Lazard bank has just issued an investment memorandum inviting bids for the Telegraph Group. Although it is by no means clear that Hollinger International is in any position to dispose of any titles, several suitors, from the Daily Mail to various investment trusts, are preparing bids.
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