• by Ray Schultz , Columnist, May 1, 2024

Want to buy a big-town daily with conservative leanings? One has become available. 

London’s Daily Telegraph and its sister publication The Spectator are no longer being sought by former CNN leader Jeff Zucker and the venture company Redbird IMI. They announced on Tuesday they have abandoned the effort. 

So the Telegraph is again in play. 

“Our ownership would have seen the strongest editorial protections ever put forward for a U.K. newspaper, along with much-needed investment,” a RedBird IMI spokesperson said in a statement, according to the New York Times.  

But it continues, “Regrettably, it is clear this approach is no longer feasible. Our focus now is on providing certainty to the employees and readers of The Telegraph and The Spectator, and securing best value for the assets, which remain highly attractive.”

One roadblock is British resistance to a foreign entity owning a British newspaper, although it is not clear if that means Zucker, an American, or RedBird IMI and its Abu Dhabi backers. 

There are now two big questions: Who will end up with the Telegraph? What will become of Jeff Zucker?

One possible answer to the first query is Paul Marshall, a Briitish hedge-fund billionaire, is considered a likely candidate for pursuing the Telegraph, the Times reports. Meanwhile, Redbird IMI will try to recoup the $750 million it has already invested, it adds.

As for Zucker, that may be more complicated.  

Zucker is known for being the CEO of CNN and before that chief executive of "The Apprentice" (the show starring Donald Trump). He resigned from CNN after failing to disclose a consensual relationship with a colleague, reports stated.  

In a luncheon interview with Financial Times last November, he laughingly expressed interested in FT  but acknowledged it is not for sale. 

Zucker admitted, “The biggest difference in my life is the pace. For 35 years, my DNA and metabolism was go, go, go, making 30 decisions a day.”

Has he missed it all?  Only one time: “Which is right now, with what’s going on in Israel and Gaza. I think it’s an incredibly important story . . . this is really the only time since I’ve left where I’ve regretted not being part of it.”

Surely, there are news properties in the U.K. – or U.S. – that could use a new owner or investor.