Israeli Billionaire Enters Race For Telegraph Titles
Hollywood media mogul Haim Saban is understood to have entered the race to take control of the of the Daily and Sunday Telegraph from beleaguered newspaper company Hollinger International.
Reports suggest the Israeli billionaire behind the Mighty Morphin’ Power Rangers is ‘seriously interested’ in acquiring the assets of Hollinger International, which also include the Jerusalem Post, the Chicago Sun-Times and Spectator magazine.
Saban, who made his fortune by selling his stake in the Fox Family Network to Disney in 2001, has made it clear that he is currently looking to acquire more major media assets in Europe, but that opportunities are rare.
According to the Guardian, the media mogul said his £6 billion company was too big to be involved in small deals. Last year Saban was linked with an audacious plan to take-over ITV with private equity group Apax Partners as a joint backer (see ITV Groups Reject US Takeover Approaches).
Hollinger International’s investment bank, Lazard, has invited indicative offers for the entire newspaper company, as well as its individual assets. The Telegraph titles are though to be attracting bids of around £550 million, but an offer for all of Hollinger International’s assets is likely to come in at more than £800 million.
Other 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 week Hollinger International announced that 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 titles.
The newly created position will see Deedes replace Daniel Colson, who announced his retirement yesterday after more than a decade managing the newspaper group alongside his long-term business partner Lord Conrad Black (see Deedes Returns To Telegraph Group To Oversee Sale).
Hollinger: www.hollinger.com
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