Media & Marketing: Often described as the "house journal" of the British establishment, the Daily Telegraph still commands respect and with an average daily circulation of over 900,000 it remains the largest national broadsheet title in Britain, writes Emmet Oliver.

Analysts have put a nominal value of € 455 million on the Telegraph Group, which consists of the Sunday and the daily, but most expect this price tag to be significantly exceeded. Why?

Because national newspapers, particularly titles on the scale of the Telegraph, have an intangible value not based on earnings.

As one analyst put it last week in London: "Newspaper valuations don't always accurately reflect the market. It will be worth whatever someone is willing to pay for it."

Following the decision of press baron Conrad Black (or Lord Black of Crossharbour) to retire amid allegations about unauthorised payments, feverish speculation in Britain has begun about the ultimate destiny of his titles.

Will the whole Hollinger International Group, which includes the Telegraph papers, be sold?

So far Hollinger has simply appointed Lazards to "review and evaluate" strategic alternatives, including a possible sale of the company. However despite Lord Black's protestations, most observers believe all the large Hollinger titles - Daily Telegraph, Sunday Telegraph, Chicago Sun-Times, Jerusalem Post - are in play.

The early running has been made by Richard Desmond, owner of Express newspapers. While the owner of Asian Babes might seem an unlikely suitor for a paper most popular in the shires and with Tory grandees, many regard Mr Desmond as a serious purchaser.

While Rupert Murdoch has ruled himself out, others are queuing up, according to British media reports.

The following people and companies have been strongly tipped to bid so far: the Daily Mail and General Trust; former Mirror Group chief executive Mr David Montgomery; outgoing Carlton television chairman Mr Michael Green and the Barclay brothers, owners of the Business newspaper.

Several of these bids will be supported by private equity houses and venture capital companies. From an Irish perspective will Independent News & Media make a bid?

The signals at this stage are that IN&M is considering the idea. With a potential purchase price for the Telegraph titles alone of € 455 million, IN&M as currently structured would have real problems meeting that price tag.

But a more likely scenario is a link-up with a private equity or venture capital firm. Sir Anthony O'Reilly has worked with wealthy partners before, like George Soros for the Eircom bid.

While ownership of the UK Independent might trigger a competition issue, Sir Anthony knows the sale of a national title like the Telegraph only happens once in a lifetime.

Ms Niamh Brodie, analyst with Merrion Stockbrokers considered the issue of an IN&M bid this week and put a price tag on the whole Hollinger Group of € 855 million. Well beyond IN&M? Maybe, but that is not the end of the story necessarily, she cautioned.

"In this context, we do not believe that IN&M's current balance sheet would support an outright bid. However, given the reported interest of private equity houses in these assets, we would not rule out IN&M looking at the assets in conjunction with another party".

Waterford Crystal PR account

Following a three-way pitch, Bill O'Herlihy Communications has won the Waterford Crystal PR account.

The account covers the consumer side of Waterford's business. Michael Dennehy will remain responsible for the corporate end of its business.

The consumer account involves work on Waterford Crystal collections including Lismore, Colleen, Dolmen, Seahorse and John Rocha, as well a broad range of sponsorship activities. No value was put on the account.

Coca-Cola cuts ads for children

The Coca-Cola company in Britain has announced it will no longer advertise to children aged under 12 and has circulated new guidelines on marketing in schools.

All Coca-Cola brands - including Diet Coke, Fanta and Sprite in the UK - will not be directly marketed to under-12s because of concerns over sugary drinks contribution to child obesity.