Britain will gain two new powerful press barons if the Barclay twins, Frederick and David, prevail in their bid to buy the Daily Telegraph, the country's largest-selling broadsheet. Hollinger International, which owns the Telegraph, has accepted the brothers' $1.21 billion offer for the group. But Conrad Black, Hollinger's former chairman, who retains a 72% voting stake, may fight the sale, which includes the Sunday Telegraph and The Spectator magazine.
The Barclays, 69, have taken a hands-off approach to the editorial side of other media properties they have acquired, such as The Scotsman newspaper. Still, London is buzzing with speculation that they may distance the Telegraph from the Conservative Party. The paper is often labeled a Tory house organ.
Copyright 2004, Bloomberg L.P.
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