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Telegraph offers lucrative bonuses to top employees

By Nithya Bose in UK Business News, posted November 4, 2023

A group of executives and editorial staff at The Telegraph newspaper are to receive substantial financial incentives.

It’s part of a new program introduced to facilitate the sale of newspaper titles.

The board of The Daily Telegraph's holding company has developed a multimillion-pound scheme that covers approximately 30 senior employees.

This move comes as the formal sales process for two of the UK's most influential newspapers kicks off.

Such bonus programs are designed to retain and motivate key employees during mergers or other corporate activities.

Corporate boards regularly employ such programs.

The specific amounts and the number of Telegraph employees eligible for these incentives remain undisclosed.

However, the collective sum across the recipients amounts to millions of pounds.

Among the recipients likely to benefit are Nick Hugh, CEO of Telegraph Media Group, and prominent journalists such as Chris Evans, Editor of The Daily Telegraph.

The scheme would prioritise senior editorial staff due to their pivotal role in the newspapers' operations during an auction process that may extend over three months.

Sale comes after row between owners and Lloyds Bank

The sale of The Telegraph's broadsheet titles and The Spectator magazine stems from an ongoing dispute between the long-standing owner, the Barclay family, and their primary lender, Lloyds Banking Group.

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Last month, Barclays proposed a £1 billion deal to repay the majority of their debt to Lloyds.

The First Abu Dhabi Bank provided the financing for the deal.

Lloyds' decision to proceed with an auction, expected to generate bids of almost £600 million, has caused tensions between Barclays.

It raised concerns that the sources of their funding could trigger a government inquiry on public interest grounds.

Potential bidders are Lord Rothermere, owner of the Daily Mail, former Daily Telegraph Editor Sir William Lewis, and the London-listed media group National World.

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