Telegraph and Spectator appoint Goldman Sachs to run sale

LONDON: The boards of the Telegraph newspaper and The Spectator magazine, led by recently appointed chair Mike McTighe, have appointed investment bank Goldman Sachs and law firm Linklaters to advise on their sale, they said in a statement on Friday.

Lender Lloyds Banking Group seized control of the centre-right Daily and Sunday Telegraph and the politics-led Spectator last month after their ultimate owners, the Barclay family, failed to repay loans.

Lloyds’ CEO Charlie Nunn said on Wednesday that the bank would not rush into a sale of the newspapers.

“At this initial stage, the Boards and their advisers will assess the readiness of the two titles for a sale, including customary vendor due diligence,” the parent companies of the titles said.

Telegraph Media Group on Tuesday posted a rise in subscriptions and profit in 2022 and said it was on track to meet its target of 1 million subscribers by the end of the year.