Former CNN boss Jeff Zucker has accused rival bidders for the Telegraph of engaging in a smear campaign against his Abu Dhabi-backed RedBird IMI company, which is bidding for the media company’s right-wing news assets.
Zucker's comments come as he makes promises to the UK government that he will ensure the newspaper's editorial independence.
Concerns have arisen among Conservative MPs over the future of the Telegraph, which has traditionally been aligned with the Conservative Party, of the involvement of an Abu Dhabi-backed company.
But Zucker said in a Financial Times interview today that he would “make sure that (the UK government) understand that we’re prepared to make commitments that should assuage anyone’s concerns”.
“There’s a reason that people are slinging mud and throwing darts — (it’s) because they want to own these assets… and they have their own media assets to try to hurt us,” he remarked.
The Telegraph Media Group was taken over by Lloyds Banking Group PLC (LSE:LLOY) earlier this year after the Barclay family, which had owned it for two decades, failed to repay debts exceeding £1.1 billion.
Following the takeover, Lloyds initiated an auction to sell the business, which includes the Telegraph newspaper and the Spectator magazine.
RedBird IMI entered the picture by agreeing to provide funding to the Barclays to repay the loans in full and then take control of the media group. Lloyds is currently evaluating the proposed deal with RedBird IMI.
Hedge fund royalty Paul Marshall, part owner of GB News, has also expressed interest in bidding for the media group. A separate bid from Lord Rothermere’s Daily Mail and General Trust (LSE:DMGT) is also on the table.
Zucker revealed that some of these competitors had previously approached RedBird IMI to explore collaboration on the bid.
To address concerns about editorial independence, Zucker pledged to create an editorial advisory board that would safeguard the independence of both the Telegraph and the Spectator magazine.
“I’ve spent 35 years running or supervising news organisations, and there’s nothing I understand more than editorial independence. I have staked my reputation and legacy on not allowing editorial interference,” he told the FT.