With the company's court victory over its former chairman Conrad Black giving it the freedom to sell off the titles as it sees fit, speculation is mounting about which companies - on both sides of the Atlantic - will bid.

Bids to investment bank Lazards, which is handling the auction on Hollinger International's behalf, are expected to be in the region of �600m ($1.1bn).

The following are the frontrunners to buy the portfolio, which includes the UK's Telegraph newspapers and Spectator magazine, the Chicago Sun-Times and the Jerusalem Post.

Richard Desmond

Richard Desmond's interest is very high-profile

Richard Desmond's announcement that he has sold off his portfolio of adult magazines has been interpreted as a sure sign that he is planning another bid.

He did put his name forward for Hollinger International's initial auction, but as that started prior to the company's court case with Conrad Black, it was more a practice run.

This time around will be the real thing, and analysts believe Mr Desmond has sold off the adult titles for two reasons. Firstly to distance himself from his downmarket publishing history (not an asset when you are bidding for the prim and proper Daily Telegraph), and secondly, to raise an additional �20m of funds for his bid.

The owner of Express Newspapers has also made no secret of his desire to get his hands on the Daily Telegraph.

A possible trump card in Mr Desmond's hand is his co-ownership of a printing press with the Daily Telegraph - the West Ferry plant in east London.

A spokesman for Mr Desmond has previously suggested that if anyone else wins the bid for the Telegraph they had better have their own printing press.

Barclay brothers

The Channel Island-based media, hotel and shopping tycoons are a hard pair to read.

The Barclay brothers are secretive to the extreme

A month ago it appeared that Sir David and Sir Frederick Barclay had clinched the takeover of the Daily Telegraph, after it was announced that they had cut a deal with former Hollinger boss for a knockdown �260m.

However, this was overturned last week by a US court, which deemed that Lord Black had no right to sell the newspapers.

And the Barclay brothers have now officially withdrawn their offer for Black's Hollinger Inc. assets.

It is not yet known whether the brothers want the Daily Telegraph enough to put their names forward for an open auction.

One thing is sure however - with their empire turning over �6bn a year, they have the money for any fight.

In addition to the Scotsman newspaper they own the Ritz hotel and Littlewoods retail group.

Providence Equity

Providence Equity is a US private investment firm said to be interested in buying the Hollinger International titles.

Based in the east coast state of Rhode Island, but with offices in New York and London, it manages investments totalling more than $5bn (�2.7bn).

A bid for the newspapers would however mark something of new departure for the firm, as although it has invested in book and magazine publisher F&Q Publications, Providence mainly specialises in the technology sectors, investing in everything from mobile phones to cabling.

Providence says its target investment per transaction is $10m to $500m.

Daily Mail and General Trust

Charles Sinclair is said to be a tough operator

Like Richard Desmond, the Daily Mail and General Trust, owner of the Daily Mail and Evening Standard, made a bid for the Hollinger International's titles the first time around.

Its �550m bid was in conjunction with finance firm Cinven and the Berry family, the previous owners of the Daily Telegraph.

It is not yet known whether the Daily Mail and General Trust, led by chief executive Charles Sinclair will make another offer.

At least politically the Daily Mail and Daily Telegraph would be a perfect fit, with each seeking to represent the views of Conservative-supporting middle England.

Incorporated in 1922 the Daily Mail and General Trust is one of the oldest media companies in the UK.

Candover

UK private equity firm Candover was one of the other first time bidders for the Daily Telegraph and other Hollinger International titles.

Its bid is said to be together with a management team at the Telegraph and has also been connected with Jeremy Deedes, a consultant to the paper, and the former Telegraph editor Charles Moore.

Established in London in 1980, it today also has sister offices in Paris and Dusseldorf.

To date it says it has invested in 120 deals with a total value of more than �16.7bn.

It adds that it looks "to work with businesses that have high quality management, a strong market position and excellent growth potential".

Blackstone

American private equity firm Blackstone is led by hard-hitting New York businessman Peter Peterson.

Peter Peterson certainly has impressive connections

A former chairman of the Federal Reserve Bank of New York, he founded Blackstone in 1985.

Prior to that, back in the early 1970s, he was President Richard Nixon's Assistant for International Economic Affairs.

Such a CV is indicative of Mr Peterson's clout, and he may have his eye primarily on Hollinger International's Chicago Sun-Times.

3i

London-based 3i describes itself as a "world leader in venture capital and private equity", and it certainly has operations around the world.

Another of the original bidders for the Daily Telegraph, it is also not known whether it will bid again.

However, as recently as December it paid �46m for the Northern Ireland titles of Trinity Mirror, such as the Belfast News Letter, and 3i may now have a real taste for buying newspapers.

It is said to be seeking the advise of former Mirror group chief executive David Montgomery regarding its interest in the Daily Telegraph.

Apax

Apax was, after 3i and Candover, the third UK private equity firm to make a bid for the Daily Telegraph first time around.

Based in London, it says it has a 30 year track record "of working with entrepreneurs to build internationally successful companies from early stage investment to management buyouts is exceptional".

To date it has raised and advised on deals worth more than �6.5bn.

Tribune

Tribune boss Dennis FitzSimons

Tribune is an American newspaper institution.

Founded back in 1847, its titles include the Los Angeles Times and Chicago Tribune.

Ownership of the latter title suggests it may have its eyes on Chicago Sun-Times.

It also owns 26 television stations, and claims to reach 80% of US households.

The company is led by Dennis FitzSimons.

Washington Post

The Washington Post Company is the parent group of the newspaper of the same name.

It also owns Newsweek magazine and television stations in Detroit, Houston, Miami, Orlando, San Antonio and Jacksonville.

Led by Don Graham, the grandson of company founder Eugene Meyer, it says it aims to provide four things - high-quality publications and services, excellent returns to shareholders, strong support to the communities where it does business, and a good place to work.

It may also be keen to get its hands on the Chicago Sun-Times.

Gannett

Gannett owns USA Today

Another American newspaper giant and owner of USA Today, the nation's largest-selling daily paper.

Gannett also has a number of operations across the world, owning Newsquest in the UK, the country's second largest regional newspaper group.