Failed CNN boss Jeff Zucker still wants to stay in the media game. To that end he is leading an offer to buy the bankrupt British publishing group behind the Daily Telegraph newspaper and Spectator magazine.
The New York Post reports Zucker, the chief executive of Abu Dhabi-backed investment group RedBird IMI, is ready to pitch $750 million to the Barclay family that would allow them to repay their nearly $1.4 billion debt to Lloyds Banking Group.
RedBird, a venture capital firm that has $1 billion in capital, would then have an option to convert the loan secured against the mainstay conservative publications into equity, Financial Times reported on Monday.
Lloyds seized the publications in June from the the Barclay brothers — Sir David and Sir Frederick — who bought the titles from Canada’s Conrad Black in 2004 for $1.3 billion.
If Lloyds agrees to the proposal, the deal will mark the end of…
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