The billionaire founder of Citadel hedge fund is reportedly joining a consortium led by Sir Paul Marshall to prepare a bid for the Telegraph Group.
Citadel founder Ken Griffin’s participation in the Telegraph Group bid is being made in a personal capacity and marks his first venture into the media sector, the Financial Times reported.
The move comes as the Telegraph Group prepares for an upcoming auction after Lloyds Banking Group’s took control of the company the Barclay family failed to repay over £1bn in loans.
Marshall, through his Unherd Ventures media group, is orchestrating the bid with support from Moelis investment bank and advice from Paul Zwillenberg, a former Daily Mail General Trust executive. Marshall is the co-founder of Marshall Wace hedge fund and is also the co-owner of right-leaning TV channel GB News.
Estimates suggest the Telegraph Group, which includes The Spectator, could fetch between £400m and £700m.
Other contenders for the titles include Axel Springer and News Corporation, while the Daily Mail is reportedly discussing a potential bid with Qatari investors exceeding £500m.
Moelis and Citadel were approached for comment.