12 hours ago
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After three years, a series of failed bids stretching from the US to Abu Dhabi, internal rebellions and even changes in the law, it should be no surprise that the tortured sale of the Telegraph has delivered another spectacular twist with a blockbuster offer from the media giant Axel Springer.
It has torpedoed the long-held dreams of the Daily Mail proprietor, Lord Rothermere, to secure the Daily Telegraph and Sunday Telegraph and begin the next chapter of his family’s love affair with the British press.
It will also put the newspaper, often referred to as “the Torygraph” because of its influence within the British Conservative party, in the hands of a German publishing powerhouse.
Rothermere had made no secret of his desperation to purchase the Telegraph and had worked with banks to raise the cash. However, his bid posed questions about media plurality and the concentration of ownership. Those concerns, shared by the culture secretary, Lisa Nandy, led to his proposed deal being handed to regulators for months of scrutiny.
On top of that, many industry sources remained baffled by how someone even with Rothermere’s personal wealth could raise the £500m demanded by RedBird IMI, the UAE-backed vehicle forced to sell the titles after a change in the law around the state ownership of newspapers.
Axel Springer’s offer raises fewer questions, but will also need government approval before being confirmed. Its £575m bid is a cash offer. The media giant, which already owns Politico, Business Insider and the German mass-market newspaper Bild, does not own other major UK-centred media assets.
One of the remaining mysteries is why it has taken Axel Springer so long to make its knockout bid. Its cash offer could have ended the saga far earlier.
Its interest in the titles only emerged recently, when it was linked to a consortium led by Dovid Efune, the British owner of the New York Sun, who had been pursuing the Telegraph titles. In the last few days, Axel Springer decided to go it alone.
The next question is what the company plans to do with the titles. In recent years, they have been widely regarded as moving further to the right, as Nigel Farage’s Reform UK has gained momentum and Donald Trump returned to the White House.
After internal revolts over previous potential owners – including RedBird IMI and then a repackaged deal led by the US fund RedBird – Mathias Döpfner, Axel Springer’s billionaire chief executive, has already begun a well-advised charm offensive.
He said “our dream comes true” with the purchase, after the previous failed attempt. When Axel Springer founded his media empire in 1946, Döpfner said, the Telegraph was “his north star”. He also praised the newsroom, including the current editor, Chris Evans.
The Telegraph is being promised editorial independence, transformation with AI tools and investment to make it “the leading centre-right media outlet in the English-speaking world”. However, Döpfner is also promising to preserve the “distinctive character and legacy” of the titles, which have always been steeped in Tory party politics and intrigue.
It remains to be seen how new European ownership will be greeted by a largely Eurosceptic readership. “Red-faced Brexiteers all over Surrey having conniptions,” said one source close to the saga. “You would need a heart of stone not to laugh.”
