Telegraph takeover completed

The wealthy and reclusive brothers, David and Frederick Barclay, yesterday took control of Britain’s Daily and Sunday Telegraph newspapers.

They were able to complete the $1.2 billion (€1 billion) acquisition only after a US judge on Thursday prevented Conrad Black from using his controlling stake in the Telegraph’s parent company, Hollinger, to block the deal.

The Barclays, who also own the daily Scotsman and weekly Business newspapers, are expected by British media watchers to be hands-off owners of the Telegraph.

Black was ousted as Hollinger’s chief executive after he received $30 million (€25 million) of unauthorised payments, which he subsequently returned to the company under court order.