Telegraph Group's Numbers Whet Bidders' Appetites

28 April 2004

Britain's Telegraph Group, the former jewel in the tarnished crown of Lord Conrad Black, is sparkling more brightly than ever according to leaked reports on the financial data shown last week to prospective bidders for the daily and Sunday titles.

Pre-tax profits are expected to be in the £45 million ($80.63m; €67.75m) to £50m range -- well ahead of media analysts' expectations. The City of London haruspices predict this performance will drive offers for Hollinger International's [H-Intl] UK assets beyond the £700m mark.

However, hanging like a massive black dog over the proceedings is the threat of legal action by H-Intl shareholders who may attempt to recover from the Telegraph's new owners money allegedly misappropriated by Black before his ousting last year as H-Intl chairman/ceo.

Data sourced from:; additional content by WARC staff