Telegraph Media Group (TMG), the media conglomerate on the market, highlighted a modest yet promising growth of 2% in its subscriber count, soaring to 734,000 in 2022. The company remains steadfast in its goal to cross the 1 million subscriber milestone by the end of this year.
TMG, the renowned publisher of the Daily Telegraph and Sunday Telegraph, enjoyed a revenue increment of 4% as the calendar year 2022 wrapped up. This brought its annual earnings to a robust £254.2 million (RM1.4 billion), largely driven by a surge in digital subscriptions. The company’s core earnings, sans exceptional items, exhibited an impressive 16% rise, topping off at £46.8 million.
In a rather unforeseen move, Alix Partners assumed stewardship of TMG and The Spectator magazine after Lloyds Bank drove a Barclay family-owned holding company into receivership. The Barclay family, having defaulted on their loan repayments to the bank, expressed their hopes of arriving at a mutually beneficial agreement with Lloyds Banking Group.
Reports circulating in the media circles suggest that the influential newspapers could fetch upwards of £500 million. Despite the ongoing print advertising slump and inflationary headwinds, TMG is positive about further profitability in the current year.
(Source: Malay Mail)