Springer prepared to pay up to one bln euros for Daily Telegraph

0 Comments | AFP, April, 2004

FRANKFURT (AFP) — German newspaper publisher Axel Springer is prepared to pay up to 700 million pounds (1.05 billion euros, 1.26 billion dollars) for the British Daily Telegraph, the German business daily Handelsblatt reported.

Handelsblatt, quoting company sources, said Springer chairman Mathias Doepfner flew to London on Thursday to meet top executives of the Daily Telegraph to present his vision for Britain's biggest daily broadsheet.

The Daily Telegraph, with circulation of 900,000, belongs to US publisher Hollinger International, which is up for sale.

Hollinger's other titles include Jerusalem Post, Chicago Sun-Times and the weekly magazine Spectator.

However, Springer was only interested in the Daily Telegraph and its sister Sunday publication,...