Abi Watson was quoted in The Observer on "Mail hovers after RedBird pulls out of Telegraph deal"
17 November 2025Saturday’s leader in the Telegraph op-ed pages called for a fast sale without a reserve price to expedite the process – a sharp contrast with its recent demands for thorough investigation and regulatory examination of the RedBird bid. “Telegraph Media Group’s 2024 performance lands where you might expect a business trapped in a two-year ownership freeze,” said Abi Watson at Enders Analysis. “Its topline was essentially flat - up 1% to £279m - with operating profit broadly unchanged. The deeper issue is structural. TMG still derives 55% of revenue from print, or closer to 60% if you strip out ‘other revenues’ like platform licensing and eCommerce. Digital subscriptions and digital advertising together account for around 40% of core revenues, but they are still not scaling fast enough to offset print erosion - not exactly what any bidder would want to see in a legacy-to-digital transition story.”
