Sage of Omaha to Join Race for Britain's Telegraph?

02 December 2003

Legendary US investor Warren Buffett is reportedly organising a bid by the Washington Post Company for Britain's Telegraph Group.

Buffett -- known as the Sage of Omaha for his ability to spot stock market opportunities -- owns 22% of WPC and is a director at the company. He is chairman of its finance committee and serves on the board's executive committee.

Telegraph Group -- owner of the Daily Telegraph broadsheet newspaper -- is one of the most attractive assets of troubled media group Hollinger International, which is considering a sell-off as it struggles to meet loan repayments and recover from recent board-level turmoil.

WPC may be on the lookout for an overseas acquisition after relinquishing its 50% interest in the International Herald Tribune to the New York Times Company.

However, it would face stiff competition for the Telegraph. A host of media firms have already been linked with the British publisher, and recent press reports have added two new names to the list: Mohammed Al Fayed, owner of Harrods; and former Sunday Telegraph editor Charles Moore, who is said to be organising a bid backed by unnamed venture capitalists.

Data sourced from: multiple sources; additional content by WARC staff