The Jewish Chronicle, one of Britain’s Jewish newspapers, has been sold to a consortium fronted by former Prime Minister Theresa May’s former director of communications, The Guardian reported Thursday.
The Jewish Chronicle and another British Jewish newspaper, the Jewish News, announced earlier this month they had decided to close after their parent company ran out of money amid the coronavirus pandemic which is devastating the media industry.
The winning bid for the Chronicle was led by Sir Robbie Gibb, a former BBC executive who worked in Downing Street throughout the Brexit negotiation process, according to The Guardian.
It is also backed by a group including former charity commission chairman William Shawcross, ex-Labour MP John Woodcock, and journalist John Ware who made a recent Panorama investigation into allegations of antisemitism in the Labour party.
Others whose names are attached to the consortium include broadcaster Jonathan Sacerdoti and Rabbi Jonathan Hughes of Radlett United Synagogue, along with a number of financiers and lawyers.
Individuals involved in the deal said the new owners intend to reveal further details regarding who is providing the financial backing in the coming days, a detail which is currently unknown even to many of those closely involved in the newspaper.
The intention is to transfer the ownership of the Chronicle into a trust in order to protect its future and follow a similar editorial line, according to The Guardian.
After the newspaper was put into liquidation by its long-term owners, the Kessler Foundation, the management team launched a bid to buy back the assets of the Jewish Chronicle and merge it with the Jewish News. The move would have wiped a large amount of debt and handed editorial direction of the merged publication to senior staff at the Jewish News.
However, they were outbid for the assets of the newspaper by the surprise counter-offer from the new consortium. This proposal won the public support of Jewish Chronicle editor, Stephen Pollard, who will now retain his job.
The new owners said the liquidators backed their bid because they were able to pay back creditors in full and provide better financial terms for the Jewish Chronicle’s staff.
The proposed merger with the Jewish News has now been abandoned, with that publication taken out of liquidation and remaining with its old owner.