The Telegraph Media Group has appointed investment bank Goldman Sachs (NYSE:GS) and law firm Linklaters to assist in the sale of The Daily and Sunday Telegraph and The Spectator, according to a statement released on Friday.
Last month, Lloyds Banking Group took control of the newspaper group following the failure of their ultimate owners, the Barclay family, to repay loans.
Lloyds' chief executive Charlie Nunn confirmed on Wednesday that the bank would approach the sale of the newspapers with caution, avoiding any hasty decisions.
"At this initial stage, the boards and their advisers will evaluate the preparedness of the two titles for a sale, including standard vendor due diligence," stated the Telegraph Media Group.
The sale will be overseen by newly instated chief Mike McTighe, who also chairs BT Openreach and trading firm IG Group.
Sky News reported that the sale could close for as much as £600mln.
DMGT, the owner of right-wing news publication The Daily Mail, Czech businessman Daniel Kretinsky and GB News investor Sir Paul Marshall are purportedly prospective buyers.