How the Germans saved the Telegraph
I spent my last year as editor of this magazine trapped on an auction block, hunting for a new proprietor. It was agony. There was a list of about 20 bidders for both The Spectator and the Daily Telegraph: the good, the bad and the really quite ugly. The ugliest of all – the government of the United Arab Emirates – ended up cutting a backroom deal for both titles. But parliament intervened and this magazine escaped, snapped up by a suitor who has been as good as his word on investment. The Telegraph, meanwhile, was left standing at the altar. Last week, after nearly three years of waiting, she was finally swept up by her own Mr Darcy – or, rather, Döpfner. The Berlin-based media giant Axel Springer has paid a handsome £575 million in cash for the newspaper.