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Boris Johnson in talks over potential telegraph role as Zahawi consortium advances in auction

August 13, 2024

Former Prime Minister Boris Johnson has engaged in informal discussions about a possible role at The Telegraph as part of Nadhim Zahawi’s bid to acquire the newspaper.

Zahawi, who served as Chancellor under Johnson, is currently assembling a consortium to purchase The Telegraph in an ongoing auction process.

A source close to Johnson downplayed the significance of these talks, noting that no substantial discussions had taken place, despite speculation that Johnson could be appointed as the newspaper’s global editor-in-chief. Johnson, who has deep ties to The Telegraph from his time as a Brussels correspondent and columnist, currently writes a weekly column for the Daily Mail, reportedly earning a six-figure salary.

Zahawi, who briefly served as Chancellor in Johnson’s final days as Prime Minister, is one of several bidders to have advanced to the second round of the auction. The auction, managed by Robey Warshaw and Raine, also includes rival bidders such as Sir Paul Marshall, with backing from billionaire Republican donor Ken Griffin, and veteran newspaper executive David Montgomery. Additionally, two unidentified overseas investment groups remain in the running.

Zahawi has reportedly approached several billionaires to support his consortium’s bid, which also includes The Spectator magazine, both of which are being sold by Abu Dhabi-backed fund RedBird IMI. The involvement of Johnson in Zahawi’s bid could attract further interest from investors.

Other potential bidders, including Belgian publisher Mediahuis and Lord Rothermere, the owner of the Daily Mail, have been eliminated from the process, with the latter stepping back due to concerns over regulatory scrutiny.

RedBird IMI was compelled to put The Telegraph up for sale following ministerial intervention, which blocked its takeover over press freedom concerns. The sale process was initiated after RedBird repaid £1.2 billion in debts owed by the Barclay family, the newspaper’s previous owners, to Lloyds Banking Group.

A spokesman for Boris Johnson declined to comment, while Nadhim Zahawi did not respond to requests for comment.