This appointment is an important step towards stable ownership of The Telegraph. Credit: Holly Adams/Bloomberg
The Lloyds banking group has approached Mike McTye, an experienced chief technology officer and chairman of BT Openreach's network division, to lead the sale of The Telegraph.
Mr McTye, 69, was appointed Chairman of Press Acquisitions Limited and May Corporation Limited, parent companies. magazines The Telegraph and The Spectator. He will oversee the auction at each company as they may attract different buyers.
Last month, Lloyds took over the titles by appointing managers from specialist consultancy AlixPartners. The bank had a dispute with the previous owners of The Telegraph and The Spectator, the Barclay family, over more than £1bn in debt that was secured by the businesses.
Mr McTai built a relationship with Lloyds after the financial crisis, when he was involved in the restructuring of some of the bank's troubled creditors. His appointment is an important step towards stable ownership of The Telegraph amid political concerns that a major bank controls a powerful news organization.
Mr. McTai, who is also Chairman of derivatives trading services provider FTSE 250. IG Group: “I am honored to be appointed to this important role of overseeing an efficient process that gives confidence to the future of these financially successful and respected media companies.” .
“We are focused on achieving the optimum long-term ownership of these titles, in line with their importance and position in the thriving UK media industry.”
Mike McTye, veteran technology leader, said he was «honored» to be nominated Credit: Julian Simmonds/Openreach
I see that Mr. McTai would seek the appointment of investment bankers to conduct auctions within two weeks. Lazard, who advised Lloyds on his options, could be excluded due to his longtime affinity with DMGT, the publisher of The Daily Mail, which is being considered as a possible bidder.
Other potential stakeholders include Sir William Lewis, former editor of The Telegraph and now media entrepreneur, and Sir Paul Marshall, hedge fund manager and co-owner of GB News. Czech gas dealer and West Ham United owner Daniel Kretinsky, who co-owns French newspaper Le Monde, is rumored to have discussed The Telegraph with advisers.
The National World, a listed local newspaper headed by former Mirror Group chief executive David Montgomery, is reportedly looking into the proposal. Foreign investors, including from the Gulf countries, can also join the process.
None of the alleged potential bidders have made public comments about the sale of The Telegraph, with the exception of Belgian publisher Mediahuis, who said in 2019 year. it would be interesting.
Any buyer runs the risk that the public interest regime for news assets takes into account not only the plurality of media, but also whether the new owners can adversely affect the fair presentation of news or the free expression of opinion.
This is understandable. Well, McTie was instructed to find a buyer who would not raise such concerns, which could lead to lengthy reviews by Ofcom and the Competition and Markets Authority. This could put Lloyds in an uncomfortable position as he will own The Telegraph in an election year. Senior conservatives have warned that the sale must be done quickly and transparently.
Mr. McTie is intimately familiar with Ofcom's leadership and processes from his role at Openreach, where he led the network infrastructure legal division from the rest of BT. Previously, he also spent eight years on Ofcom's board of directors, acting as a regulator.
Ofcom's CEO, Ms. Melanie Dawes, has withdrawn from discussing The Telegraph's future due to her marriage. Benedict Brogan, director of corporate affairs at Lloyds.
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