Open Editor's Digest for free
Rula Khalaf, editor of the Financial Times, picks her favorite stories in this weekly newsletter.
Letters from the Archives of Rutherford Hall, Critical Communications Strategist
WhatsApp to Stephen: Greetings from Riyadh – where, yes, I'm still stuck under the weight of the business I'm securing for us. Money is not an issue here; We just need to keep feeding them ideas to gain prestige. Interestingly, they are talking about buying a British newspaper. They've seen the UAE upset the Telegraph Group and now they want The Times.
Whatsapp to Stephen: So the telegraph deal is still in limbo? You have to respect the newspaper's commitment to kicking Sunak while their fate is in his hands. I'm sure the UAE will be more supportive. Autocratic monarchies prefer incumbency. Of course they don't have a prayer to be allowed to publish The Times, but they have a big budget for our work, so let the chase begin.
WhatsApp to Alex: You have to pick your mathematical mind. What sports can I promote to Saudis that they don't already buy? I was thinking about tennis, it fits the image of high-paid stars, global footprint, and complacent leadership. Are there others?
WhatsApp to Alex. Do not be silly. I wouldn't suggest that.
From: Rutherford@Monkwellstrategy.com
To: Turqi@PIF.gov.sa
Dear Turki, It was a pleasure speaking with you. The plan to buy The Times of London is bold and visionary. I have to be honest – it will be a battle, but we are ready for it. I haven't heard anything to suggest that Murdoch is interested in selling, but I imagine there must be a price they agree on. Lachlan Murdoch is officially in charge at the moment. You may find it a bit conservative.
But there will be backlash. The UAE has made a watertight bid for the Telegraph Group, with no competition issues and a deal structure allowing it to claim the true owners are a separate investment fund. However, there is a high possibility that the offer will be blocked. Conservative MPs in particular argue against allowing a foreign government to own the newspaper that chooses their next leader. So we may want to move slowly until we see what's going on there. If they win, we have a precedent. But if both shows are broadcast at the same time, it may encourage authorities to ban them to “protect the media sector.” Downing Street will find it easier to offend two countries than one country because it appears less targeted.
There will be those who point to your treatment of journalists as a red flag. If we were to go ahead with this, I would recommend cutting back instead.
Are you all ready for The Times? The Express train can be a lot easier because no one remembers it still exists. It's very old fashioned but I'm sure you can update it.
one last thing. We have looked at options to further strengthen your sporting footprint and see real opportunities in global tennis. Eager to discuss. Best Rutherford.
Are you ready to take your place on The Line?
Find me on Strava, KoM Sydenham Hill, PR, Jubaila/Bawdah Loop – 42 minutes
From: Rutherford@Monkwellstrategy.com
To: Turqi@PIF.gov.sa
Dear Turki,
Great, we'll greenlight our business plan and it'll be fair enough on the bullet train. But if we are to get to The Times, I will need to spend more time in London working on the key players.
You will need to work through an independent investment vehicle, ideally based in the US or UK, to act as the deductible and be the default acquirer, albeit with your money. Denying any direct involvement is essential. We need a brilliant editorial board that we can credibly claim exists to ensure editorial independence. People must be of impeccable credentials, by which I mean good enough to survive scrutiny but not so flawless that they always make a fuss or can't read a signal from here. This kind of quality doesn't come cheap, but you don't want it to be the kind of role that people would walk away from on principle.
By the way, have you considered the idea of tennis? It really fits the profile of what you're trying to achieve. The Riyadh Open is the fifth major tournament? Or even NEOM Open? The biggest tennis prize in the world? I would be happy to work on the outlines. Best Rutherford
Are you ready to take your place on The Line?
Find me on Strava. . .
WhatsApp to Stephen: I'll be back tonight to get to work on this Times effort. Let's hope it works and runs.
WhatsApp to Stephen: Damn! Murdoch said no, and they made the tennis deal with someone else.
WhatsApp to Turki: This is a big shame, but things are changing. Are you sure you don't want Express? No one will care. Congratulations on your tennis deal. Can I talk to you about darts – we believe it is the next global sport.
Letters Recovered by Robert Shrimsley