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Telegraph Media Group and Spectator Magazine have officially initiated the sale process for their respective businesses.

Reports suggest that the Telegraph group could potentially garner £600 million ($726.72 million) from this sale.

Earlier in June, AlixPartners, a restructuring group, announced that receivers had been appointed by Bank of Scotland to take control of the shares owned by the publisher's proprietors, who were unable to repay their loans to the bank.

The appointed receivers committed to exploring avenues to retrieve the debts on behalf of the bank, which is part of the Lloyds Banking Group.

In August, London-listed publisher National World confirmed its interest in acquiring the Telegraph group, which encompasses the newspapers and the firm responsible for running The Spectator.

National World is presently engaging with potential investors to secure funding for their bid, as reported by Reuters last month. Photo by Tony Hisgett from Birmingham, UK, Wikimedia commons.