THE Barclay brothers - owners of Scotsman Publications - today added The Telegraph and Sunday Telegraph to their stable of newspapers.
United States media group Hollinger International said it had sold the Telegraph Group to Press Acquisitions, which is owned by Sir David and Sir Frederick Barclay, for $1.23 billion - or 677 million. The completion of the deal represents the culmination of months of bitter wrangling over the future of the prestige news- papers.
Former owner Lord Conrad Black failed in a last-ditch attempt to overturn Hollinger’s deal with the Barclays by asking a US court to sanction a vote among shareholders. Hollinger International today said it was delighted to finalise the deal, which it said would maximise value for its shareholders.
"The sale price reflects the appreciation of the high-quality papers that comprise the Telegraph group and the great demand we saw for them in the market," said Hollinger International’s interim chairman and chief executive, Gordon Paris.
Hollinger will retain titles including the Chicago Sun-Times, a large number of local papers in the Chicago area and the Jerusalem Post.
A statement from the Barclays said: "This brings to an end months of uncertainty for the Telegraph Group, its titles and employees."
Hollinger International last month said it had accepted an offer originally pitched at 665m from the Barclays - whose other titles include the Edinburgh Evening News, Scotland on Sunday, The Business and The Scotsman - for the Telegraph titles.