The Telegraph comes as the government prepares to launch a second inquiry into public interest concerns raised by the Berkeley family's complex deal to transfer magazine rights to a consortium backed by the United Arab Emirates (UAE). The paper's chief executive has resigned for the first time in seven years.
Nick Huw, who has run Telegraph Media Group (TMG) since 2017 and was also boss of parent company Press Acquisitions, is leaving the company with immediate effect, without comment in a statement announcing his departure.
In an internal statement, Hugh, who has led the Telegraph to more than one million print and digital subscribers, said it was an “honour” to lead a series of titles that have “had such a huge impact on society and democracy”. “It was a privilege,” he said. .
Mr Hugh will be succeeded by Anna Jones, chief executive of the UK publisher of Cosmopolitan, Men's Health and Esquire, who said: “TMG's interest in ownership is evidence of that fact.”
Mike McTighe, chairman of the Press Acquisitions board, said Mr Hugh had tendered his resignation and said the board was “working with Anna and the entire management team to ensure a future for the Telegraph that reflects the wealth of the wealthy.” I'm looking forward to doing that.” History, vast opportunities, and significant importance. ”
Mr Hugh's sudden resignation is the latest development in the Barclay family's attempts to transfer control to Redbird IMI, which will direct the majority of its funds to the UAE vice president and Manchester City Football. – Obtained from the club's owner, Sheikh Mansour bin Zayed Al Nahyan.
The consortium, run by former CNN chief executive Jeff Zucker, is paying off £1.16bn of debt owed by the Barclays to Lloyds Bank and will convert the loan as soon as the deal goes through. He says he will take ownership.
Culture Secretary Lucy Fraser is expected to issue a second public interest intervention notice asking Ofcom and the Competition and Markets Authority to investigate the deal.
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Ofcom will be tasked with investigating the impact of the deal on the accurate presentation of news, the free expression of opinion and the need for sufficient plurality of views and ownership. The CMA will consider potential competition concerns.
