a right-leaning publication, while its stablemate, The Spectator magazine, has successfully sold for a £100 million to hedge fund tycoon Sir Paul Marshall.
According to News, RedBird IMI, the Abu Dhabi-backed company that was prevented from acquiring the media titles by an ownership law change, has requested that at least three parties submit second-round bids by September 27.
This comes after bidders started discussing the company’s business plan with Telegraph executives last week.
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It is believed that Sir Paul and National World, a media company listed in London and led by newspaper industry veteran David Montgomery, are the surviving partners.
There is at least one more party vying to purchase the newspapers, but their name has not yet been made public.
Two-way talks are underway between IMI, the Abu Dhabi-based company that sought to acquire a majority position in the British media assets prior to the government blocking it, and another proposal led by former chancellor Nadhim Zahawi.
This past month, News exclusively disclosed that Sir Paul was the front-runner to acquire The Spectator. The Barclay family controlled both The Spectator and The Telegraph titles until their separate holding businesses were put into administration last year.
His agreement to produce The Spectator through Old Queen Street Ventures is expected to be revealed this week, possibly even on Monday.
