Telegraph’s attempt to appoint new finance chief under scrutiny amid government restrictions on group
The Telegraph is reportedly facing a government review over an attempted replacement of its finance chief amid a probe into a potential takeover by an Abu Dhabi-backed fund.
Directors at the paper are seeking government approval to find a successor for Cormac O’Shea, according to The Times.
Last week, Sky News reported that Cormac O’Shea, the Telegraph Media Group’s (TMG) chief of finance since 2021, is likely to step down in the next couple of months. It is unclear why he could be leaving.
If O’Shea does step down it would breach an order made last year by culture and media secretary Lucy Frazer, barring management changes during ongoing investigations.
The Department for Culture, Media and Sport declined to comment.
In December, Frazer issued an order strictly prohibiting any significant changes to TMG’s management. She said this was “to prevent actions by the parties to the merger that might prejudice the process or impede my ability to protect the public interest.”
This order remains while the Public Interest Intervention Notice (PIIN) is in force.
Frazer intervened in the sale with a PIIN at the end of November, after the Barclay family tried to repurchase the Telegraph and Spectator by paying off £1.2bn in debt to lender Lloyds using foreign funds.
The PIIN triggered investigations by the UK’s competition watchdog and Ofcom, who both have to report back by 26 January this year. If the inquiry moves to phase two, it could delay RedBird IMI’s acquisition by over a year.
City PM could not reach the Barclay family for comment. The Barclays declined to comment to The Times.