In the end The Spectator was bought by the Telegraph Group, of which Conrad Black then had a controlling interest.

Canadian businessman Conrad Black bought the Telegraph Group in 1986.

The Barclay brothers purchased the Telegraph Group for around £665m in late June 2004.

Further, it said, "The sale of the Telegraph Group at this time presents the best opportunity to maximize value for all of the company's shareholders."

Both plants have now come under our direct management control, the Manchester site having been previously jointly owned with the Telegraph Group.

The war has been expensive for The Telegraph Group, which announced losses of £25.2 million ($45 million) in December 2002, and damaging to circulation.

In December 2002, the Telegraph Group reported pretax profit of £39.7 million, but after taxes and dividends, lost £25.2 million.

If anyone else bought the Telegraph Group, Mr. Desmond might make it difficult for that party to acquire the printing company stake.

Although private equity companies have expressed an interest in the Telegraph Group, some analysts question their ability to make big profits in the newspaper business.

Among the most attractive assets are the British publications that make up the Telegraph Group.