German publisher Axel Springer is the favoured bidder for Hollinger International's Telegraph newspaper titles, the Frankfurter Allegemeine Zeitung (FAZ)has reported.
It said Springer has presented a coherent concept for the Daily Telegraphand is favoured by investment bank Lazard, which is handling the sale.
The FAZ said Springer is submitting a bid for the Hollinger group in conjunction with US billionaire Mr Haim Saban, the owner of German broadcaster ProSiebenSat.1 Media.
They are apparently prepared to pay up to £1 billion sterling for Hollinger, which besides the Daily Telegraphalso owns the Sunday Telegraph, the Chicago Sun Timesand the Jerusalem Post.
Springer is interested in the British newspapers, which are alone worth around £600 million, the FAZ said. The Handelsblattnewspaper reported that Springer has offered £600 million to £700 million for the Telegraphtitles.
It said Springer chairman Mr Mathias Doepfner met with Telegraphexecutives yesterday to discuss the bid.
Springer, which publishes mass-circulation German tabloid Bild, has declined to comment on whether it is bidding for the Telegraphat all.
AFP