Boris Johnson Explores Return to Journalism as Potential Global Editor-in-Chief for The Telegraph Amid Newspaper’s Ownership Tussle

Ex-Prime Minister Johnson considered for Telegraph position

Nadhim Zahawi, appointed chancellor by Boris Johnson during his tenure, has approached the former PM about taking up the position of global editor-in-chief at the Telegraph, according to Sky News.

City editor @MarkKleinmanSky

Monday, August 12, 2024, 11:

There are discussions about offering Boris Johnson, the ex-Prime Minister, a managerial position at The Daily Telegraph, potentially bringing him back together with a previous member of his cabinet.

Sources tell Sky News that Mr. Johnson has engaged in early, casual discussions with Nadhim Zahawi regarding a potential position at a conservative newspaper publishing company, contingent on the success of a deal being put together by the ex-chancellor.

An individual familiar with the situation stated on Monday that there was no established agreement and no official negotiations were happening, though they admitted the concept was being considered.

Sources close to the negotiations for the Telegraph have mentioned that Mr. Zahawi suggested appointing Mr. Johnson as the global editor-in-chief of the Telegraph to potential investors involved in his offer.

Mr. Johnson, currently a columnist for The Daily Mail, formerly served as a correspondent in Brussels for the Telegraph and later as a well-compensated columnist for the same publication.

"A source close to the former Prime Minister mentioned that he continues to regard the Telegraph with great fondness."

Last month, Sky News reported that Mr. Zahawi had reached out to several billionaires to support a bid for the newspaper and The Spectator, both currently for sale following the blockage of a takeover by an Abu Dhabi state-backed entity by the previous Conservative government.

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The ex-treasurer is engaged in direct talks with the Gulf-based IMI, which holds most stakes in RedBird IMI, the entity currently managing the official auction proceedings.

A source familiar with the situation stated that he has secured complete funding for his proposal, though specifics about his supporters and the likelihood of his bid succeeding remain uncertain.

A representative for Mr. Johnson did not provide a comment, and attempts to contact Mr. Zahawi were unsuccessful.

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News has surfaced that Mr. Johnson might play a role in the Telegraph's future, coinciding with RedBird IMI narrowing down the list of potential bidders in the sale process.

Last week, Sky News reported that former advertising tycoon Lord Saatchi claimed that RedBird IMI paid too much to acquire the title, after his own bid of £350 million was turned down.

Lord Saatchi and his associate, Lady Lynn Forester de Rothschild, were notified by Raine Group and Robey Warshaw, the financial advisors overseeing the Telegraph sale, that their proposal would not be moving forward.

Mediahuis, the publisher from Belgium, has similarly failed to make it through.

The previous Conservative administration's amendment of media regulations to block foreign governments from influencing national newspapers foiled RedBird IMI's bid to acquire the Telegraph titles and The Spectator.

Hedge fund magnate Sir Paul Marshall has emerged as the leading contender to purchase The Spectator, a highly prominent British political magazine.

National World, the company listed in London and led by seasoned professional David Montgomery, is still participating in the process. Meanwhile, the Telegraph reported this weekend that Sir Paul continues to be a potential buyer for the newspapers, following weeks of uncertainty about his interest in purchasing them independently.

Earlier this summer, Lord Rothermere, owner of the Daily Mail, withdrew from the auction due to worries that his bid might be halted due to antitrust issues.

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The future of the Telegraph, traditionally a solid supporter of the Conservative Party, has remained uncertain for over a year.

Lloyds Banking Group, the largest retail bank in the UK, took over its parent entities when the Barclay family failed to meet their debt obligations.

The family, which had held ownership of the Telegraph for almost two decades, witnessed several of their holdings struggle financially.

The Barclays still own Very Group, the e-commerce company, and IMI has also provided additional funding to the firm.

Mr. Zahawi has been named the new chairman of Very Group.

IMI is under the management of Sheikh Mansour bin Zayed Al Nahyan, the Deputy Prime Minister of the UAE and the principal owner of Manchester City Football Club.

RedBird IMI settled over £1.15 billion in debt for the family, originally owed to Lloyds.

Sources familiar with the matter emphasized that there was still strong demand for the Telegraph, with offers coming in well above those proposed by Lord Saatchi and Lady de Rothschild.

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