LONDON (Reuters) - The boards of the Telegraph newspaper and The Spectator magazine, led by recently appointed chair Mike McTighe, have appointed investment bank Goldman Sachs (NYSE:GS) and law firm Linklaters to advise on their sale, they said in a statement on Friday.
Lender Lloyds Banking Group (LON:LLOY) seized control of the centre-right Daily and Sunday Telegraph and the politics-led Spectator last month after their ultimate owners, the Barclay family, failed to repay loans.
Lloyds' CEO Charlie Nunn said on Wednesday that the bank would not rush into a sale of the newspapers.
"At this initial stage, the Boards and their advisers will assess the readiness of the two titles for a sale, including customary vendor due diligence," the parent companies of the titles said.
Telegraph Media Group on Tuesday posted a rise in subscriptions and profit in 2022 and said it was on track to meet its target of 1 million subscribers by the end of the year.