Goldman Sachs and JP Morgan are among investment banks vying to be hired by Lloyds Banking Group to sell The Daily Telegraph, Sunday Telegraph and Spectator, Sky News learns.
People close to the bank said that Charlie Nunn, Lloyds' chief executive, was now taking"decisive action" to resolve the situation.
However, the bank does not plan to place Telegraph Media Group or Press Acquisitions into administration themselves. The bombshell move has been triggered by Lloyds' dissatisfaction with the Barclays' approach to repaying a loan which dates back to the pre-crisis era of large corporate loans issued by HBOS.
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