Chelsea co-owner Todd Boehly 'in talks' over bid to buy UK newspaper Daily Telegraph with media mogul Nick Montgomery

According to Sky News, Boehly’s investment firm, Eldridge Media Holdings, and Montgomery, formerly in charge of Mirror newspapers, have been exploring the possibility of merging the Telegraph Group with National World, a publicly listed media company founded by Montgomery. While discussions are ongoing, sources indicate that no formal bid has been made yet. The deal remains at an early stage, and there is no certainty that it will lead to a confirmed offer for The Telegraph.

To assess the feasibility of acquiring the newspaper, Boehly has enlisted Deutsche Numis, a leading financial advisory firm, to assist him in evaluating the opportunity. Reports suggest that Boehly and Montgomery initially met in January to discuss their interest in The Telegraph, though progress has been slow in the months that followed.

On Friday morning, National World acknowledged speculation regarding an approach from Eldridge Media Holdings (EMH). In an official statement, the company confirmed: "The Company has received confirmation that EMH is considering making a proposal to acquire the entire issued and to be issued share capital the company but to date no details of any such proposal has been received by the National World board (including as to its possible terms, timing or process for implementation)."

Individuals familiar with the discussions revealed that the Boehly-Montgomery consortium has been in contact with third-party investors to secure funding for the acquisition. However, sources indicate that any formal bid from their group would likely fall short of the £500 million valuation that RedBird IMI, an Abu Dhabi-based investment group, would require to recover its option to purchase The Telegraph.

At this point, neither Boehly nor Montgomery have entered exclusive negotiations with RedBird IMI’s advisers. However, if they proceed with a definitive offer, a key strategic objective would involve integrating The Telegraph with National World, which publishes The Scotsman and other regional newspapers.

One obstacle to Montgomery’s pursuit of The Telegraph is that National World is already facing a separate takeover bid from Media Concierge, a company controlled by one of its shareholders, Malcolm Denmark. The Media Concierge offer is currently awaiting court and regulatory approval before moving forward. Montgomery and his allies believe they can put together a more compelling counteroffer to challenge Denmark’s bid. However, if he is unable to outbid Media Concierge, his ability to participate in a formal acquisition of The Telegraph could be significantly reduced.