By Jess Jones
The Telegraph Media Group (TMG) said it is on track to reach 1m subscribers this year as bidders circle to buy the newspaper owner.
The Daily Telegraph and Sunday Telegraph publisher reported strong subscription figures this morning, up two per cent to 734,000.
TMG said it was “confidently” on target to hit 1m by the end of this year, while digital subscriptions pushed revenue for the year ended December 2022 up four per cent to over £254m.
Subscriptions made up over half of TMG’s total revenue in 2022.
The Daily Telegraph and Sunday Telegraph owner said “investment in quality journalism and engaging digital content remains at the heart” of their vision for 1m subscribers.
The Telegraph newspapers and Spectator magazine are set to be put up for sale after their parent organisation was forced into receivership due to unpaid debts, reportedly worth over £1bn.
B.UK, owned by the billionaire Barclay family, was placed into receivership by the Bank of Scotland after the firm failed to strike a deal on the repayment of a loan.
Analysts estimate the newspaper group could fetch between £400m-£700m.
Chief Executive of the Telegraph Media Group (TMG), Nick Hugh said: “Our vision is to reach more paying readers than at any other time in our history, and we are firmly on track to achieve our 1 million subscriptions target in 2023 ahead of our year-end target.”
Subscription revenues now represent the majority of the Group, and this recurring revenue visibility enables us to make strategic long-term investment”
He added that TMG also completed the acquisition of Chelsea Magazine Company in March 2023, “helping us to deepen our subscriber relationships and scale our business both in the US and UK.
“With 2022 turnover up four per cent, digital subscription revenue up 31 per cent and operating profit pre-exceptionals up 20% on the prior year, TMG’s financial results demonstrate our strategy in action.”
