Deedes Returns To Telegraph Group To Oversee Sale
Former Telegraph Group managing director Jeremy Deedes is to return to the newspaper company as chairman and chief executive with responsibility for overseeing the impending sale of its Telegraph titles.
The newly created position will see Deedes (pictured) replace Daniel Colson, who announced his retirement today after more than a decade managing the newspaper group alongside his long-term business partner Lord Conrad Black.
Colson has stepped down from his role as chief operating officer at the Telegraph’s parent company, Hollinger International, with immediate effect. Reports suggest he had planned for months to resign over difficulty surrounding the newspaper group and its legal wrangling with Lord Black, who was ousted as chief executive last year (see Barclay Brothers Agree Telegraph Takeover Deal).
Commenting on his departure, he said: “Now that the deadline to submit bids under the strategic process has passed, I believe this is the appropriate time for me to relinquish my various operating roles with Hollinger International and its subsidiaries.”
It is expected that Deedes, who retired from the Telegraph Group last November, will stay at the company for a few months until the conclusion of the strategic review being led by investment bank Lazard to maximise value for shareholders.
Gordon Paris, the interim chief executive and chairman of Hollinger International, said: “We are delighted that Jeremy has agreed to assist us during this important time for Hollinger International and the Telegraph Group. His knowledge of the group and his perspective on the industry are invaluable assets.”
Deedes joins at a difficult time for the newspaper group, which has been forced to delay the launch of a compact version of its daily newspaper because of questions surrounding the company’s future ownership. The Daily Telegraph has been hard hit by the success of the tabloid Times and it is keen to maintain its market leading position.
The management shake-up comes just one day after Lazard set a deadline for indicative offers for Hollinger International and its assets, which include the Daily and Sunday Telegraph, the Jerusalem Post and the Chicago Sun-Times.
Bidders for the titles are thought to include Lord Rothermere’s Daily Mail & General Trust, Richard Desmond’s Express Newspapers and the Barclay brothers. A number of venture capitalists and private equity firms have also submitted bids.
Earlier this month it emerged that American publishing giant Gannett had confirmed its intention to join the long list of potential bidders vying to take control of the Daily Telegraph from beleaguered Hollinger International (see Gannett Confirms Plans To Swoop On Telegraph Titles).
Deedes will oversee the auction process and will assist Lazard’s corporate review committee as it examines potential options for the Telegraph Group arising from the ongoing strategic process.
Deedes retired as managing director of the Telegraph Group in November 2003, after a career that spanned 40 years in newspapers. He was managing director for seven years and prior to that was group editorial director for 10 years. Deedes was a journalist for more than 20 years, before moving into newspaper management in 1985 to help set up the Today newspaper with Eddie Shah. His father, W.F. Deedes, is a former editor of the Daily Telegraph and at the age of 90 remains a much-read commentator and columnist with the paper.
Telegraph Group: 020 7538 5000 www.telegraph.co.uk
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