Germany's Axel Springer Joins Race for Telegraph

23 March 2004

German publishing giant Axel Springer is joining the race to buy British national newspaper the Daily Telegraph.

Springer, Europe's largest newspaper group, is expected to bid more than £600 million ($1.1 billion; €896m) for the title's parent Telegraph Group, the UK unit of troubled media firm Hollinger International.

Already in the auction are UK newspaper firms Daily Mail General Trust and Express Group, plus the reclusive Barclay brothers and a number of venture capital firms. The deadline for bids is today (Tuesday).

Springer owns German papers Bild and Die Welt, a large portfolio of magazines and a number of broadcast properties. However, it has little presence in the UK.

• Separately, Daniel Colson, ceo of Telegraph Group and chief operating officer at Hollinger International, is expected to announce his resignation from both positions this week.

Colson's departure is a further blow to beleaguered media mogul Lord Conrad Black, who controls Hollinger through a complex web of shareholdings. The Telegraph boss has long been an ally of Black.

Data sourced from:; additional content by WARC staff