Citadel hedge fund founder Ken Griffin is reported to have joined a group of investors led by Sir Paul Marshall to bid on the UK's Telegraph Media Group, according to Financial Times.
Marshall, co-founder of London-based hedge fund Marshall Wace and joint-owner of right-leaning TV channel GB News, is preparing to bid on The Telegraph through his UnHerd Ventures media group in an auction next month. He is working with Moelis Investment Bank on the bid and is gathering advice from Paul Zwillenberg, a former executive at Daily Mail owner DMGT, said two people familiar with the bid.
Earlier this year, Lloyds took control of the UK-based newspaper from the Barclay family over debts that exceeded $1 billion to the bank. Lloyds has engaged Goldman Sachs to oversee the sale, with Lazard also advising the bank. Additionally, AlixPartners has been appointed as the receivers for the business.
FT noted the Barclay family has reached out to its contacts in the Middle East for funding in an attempt to buy back The Telegraph in a deal that could fetch well over half a billion dollars at auction.
Other potential bidders include Czech billionaire Daniel Kretinsky and Daily Mail & General Trust Plc. FT said Rupert Murdoch has also shown interest in the upcoming sale.
"Griffin would only invest in such an effort personally, not through his company," a person familiar with the situation told Bloomberg.
Over the years, Griffin has been a big donor to the Republican party. This development surfaces as the 2024 US presidential election cycle quickly approaches.