Todd Boehly and David Montgomery Discussing Joint Bid for The Daily Telegraph

Chelsea FC co-owner Todd Boehly and veteran media executive David Montgomery are in active discussions about a potential joint acquisition of The Daily Telegraph and The Sunday Telegraph, in a move that could reshape the British media landscape.

According to an exclusive report, the proposed bid would involve merging The Telegraph titles with National World, the London-listed publisher of The Scotsman, founded by Montgomery. Boehly’s Eldridge Media Holdings is reportedly working closely with Montgomery on the possible deal.

Telegraph Ownership Bid: What We Know

While discussions are still at an early stage and not guaranteed to lead to a formal offer, sources indicate the duo are exploring synergies between The Telegraph's strong right-leaning readership and National World's regional publishing network.

Todd Boehly has enlisted Deutsche Numis to advise on the bid. He and Montgomery have previously held talks, including a meeting in January, to assess opportunities surrounding The Telegraph’s long-uncertain ownership.

In a Friday statement, National World acknowledged market speculation, confirming it had been approached by Eldridge Media Holdings regarding a potential acquisition. However, the board has yet to receive any formal terms or detailed proposal.

Financing and Competitive Landscape

Sources suggest Boehly and Montgomery are in talks with third-party investors to finance the offer, though any bid would likely be valued under £500 million—below the amount Abu Dhabi-based RedBird IMI invested in an option to purchase the titles.

The competitive landscape remains crowded. New York Sun publisher Dovid Efune is reportedly still pursuing his own bid, despite the collapse of earlier financing. High-profile political figures like former UK Chancellor Nadhim Zahawi and former Conservative Party treasurer Sir Mohamed Mansour were previously linked to his effort.

A key element of Boehly and Montgomery’s strategy would be to leverage operational efficiencies by consolidating The Telegraph with National World. However, a major complication is that National World is already subject to a recommended takeover offer from Media Concierge, controlled by shareholder Malcolm Denmark. That deal is pending court and regulatory approval.

Montgomery is believed to be planning a counterbid to retain control of National World. Without that, the chances of a successful joint offer for The Telegraph may diminish.

RedBird IMI had previously paid £600 million for a call option expected to convert into full ownership of The Telegraph and The Spectator. However, that plan was blocked following changes to UK media ownership laws after concerns raised by British MPs over foreign control of key media outlets.
Sourcec: Sky news
Image: MSN