Desmond lines up Telegraph bid
Richard Desmond, owner of Express Newspapers, yesterday submitted a bid for control of the Daily and Sunday Telegraph.
The media mogul will also inform Telegraph owner Hollinger International of his intentions to assume full control of West Ferry Printers – presently shared between Desmond and the paper – if ownership of the broadsheet should change hands.
He plans to buy the Telegraph’s 50 per cent holding in West Ferry Printers.
The Barclay brothers have already penned a £460 million takeover agreement with Hollinger. Mr Desmond’s bid is thought to be in the region of £500 million.
The Telegraph was put up for sale after an acrimonious dispute between Hollinger and Conrad Black.
Lord Black was forced to stand down as CEO in January after allegations that he received millions of dollars in “illegal” payments.
He is currently being sued by Hollinger International.
A source close to Desmond said yesterday: “Would he like the Telegraph? Yes he would. But if he did not get it, he would move on with the rest of his life.”
