Yorkshire Post owner renews interest in Telegraph as UAE-backed takeover falters
Earlier this month, a Government minister said that foreign governments will be banned from owning UK newspapers and magazines.
Your support helps us to tell the story
This election is still a dead heat, according to most polls. In a fight with such wafer-thin margins, we need reporters on the ground talking to the people Trump and Harris are courting. Your support allows us to keep sending journalists to the story.
The Independent is trusted by 27 million Americans from across the entire political spectrum every month. Unlike many other quality news outlets, we choose not to lock you out of our reporting and analysis with paywalls. But quality journalism must still be paid for.
Help us keep bring these critical stories to light. Your support makes all the difference.
Regional newspaper group National World has said it is the “best qualified” buyer for the Telegraph as the media firm’s UAE-backed takeover faces potential collapse.
Last year, the Scotsman and Yorkshire Post owner registered its interest in buying the Telegraph Media Group after it was put up sale by lenders seeking to recover debts from previous owners, the Barclay family.
However, RedBird IMI, an investment fund majority-owned by Sheikh Mansour bin Zayed Al Nahyan, vice president of the United Arab Emirates (UAE) and owner of Manchester City Football Club, struck a deal to take control of the business and fellow publication, The Spectator.
Our view remains that National World remains the best qualified among the various candidates for such a deal both in terms of industry qualification and also editorial independence, as well as the absence of any competition issues
However, the deal came under pressure after criticism from politicians and industry bosses.
Earlier this month, a Government minister said that foreign governments will be banned from owning UK newspapers and magazines, in a move likely to thwart the deal.
Earlier this week, the Culture Secretary Lucy Frazer also confirmed the deal will face an in-depth investigation over free speech concerns.
This has sparked fresh speculation that a new buyer will need to take control of the newspaper giant.
On Thursday, National World renewed its potential pursuit of the business.
“Our view remains that National World remains the best qualified among the various candidates for such a deal both in terms of industry qualification and also editorial independence, as well as the absence of any competition issues,” National World said.
It came as the firm, which also runs the Express & Star in Wolverhampton and the Lancashire Post, revealed a jump in revenues for the past year, as it was boosted by acquisitions.
National World reported revenues of £88.4 million for 2023, up from £84.1 million a year earlier.
It said it gained over £10 million over the year through seven acquisitions, which included the takeover of Express & Star owner Midland News Association and Insider Media.
The company also reported an adjusted operating profit of £9.1 million for the year, down from £9.3 million a year earlier.
National World also told shareholders that it has been using AI for advertising and page production for its newspapers in a bid to improve efficiency and reduce costs.
“AI has been harnessed to boost local video advertising sales, video news bulletins and automated print pages,” the company said.
“We are currently producing around 200 pages per week through AI production and aim to increase this to around half of all pages produced for our weekly titles by the end of 2024.
“We are seeing promising signs of accelerating growth.”