The Telegraph’s ownership structure has been streamlined as bidders for the prestigious London-based publication prepare for a final decision within the next two weeks.
In a memo to staff on Monday, Telegraph Media Group boss Anna Jones also confirmed the sale process is advancing, with multiple second-round bids received, Sky News reported.
RedBird IMI, the Abu Dhabi-backed media investor that currently controls The Telegraph, is now reviewing these bids alongside its advisers to decide who progresses to the next stage of the auction.
“This detailed review of bids may take several weeks as the various legal and regulatory implications for the possible transactions are considered,” Jones said, according to reports.
“In the meantime, to simplify our corporate structure in advance of an onward sale, we have transferred the company’s business from Telegraph Media Group Limited to Telegraph Media Group Holdings Limited.”
The Telegraph and its sister publication The Spectator, were originally put on the market last year after previous owners, the Barclay family, struggled to repay heavy debts to lenders Lloyds Bank.
RedBird IMI took control of the process after its own bid for the papers was rejected by the government.
Potential buyers were due to submit second-round offers by last Friday. At least three UK and international parties are in the running, with Dovid Efune, owner of The New York Sun, and David Montgomery, chief of National World, reportedly among the bidders.
Media mogul Lord Conrad Black, who once owned The Telegraph, has been suggested as a possible backer for Efune’s bid.
Earlier this month, The Spectator was sold to hedge fund magnate Sir Paul Marshall for £100m.