The race for The Telegraph: Dovid Efune close to sealing the deal

A decisive step has been taken in the race to acquire The Telegraph: Dovid Efune, the owner of the US news platform The New York Sun, is on the verge of entering exclusive negotiations with RedBird IMI for a purchase of the renowned British paper for more than 550 million pounds. Efune first appeared as a prospective buyer for The Telegraph last month. His financial backing comes from influential players such as asset managers Oaktree and Hudson Bay Capital, the family office of US hedge fund manager Michael Leffell, and the investment division of Canadian real estate developer Beedie. Since the Barclay family lost control of The Telegraph to Lloyds Bank in June 2023, RedBird IMI has been responsible for the sale process. Under the leadership of former CNN chief Jeff Zucker and with substantial support from UAE Vice President Sheikh Mansour bin Zayed Al Nahyan, RedBird IMI acquired the newspaper in a complex deal and is now entrusted with its continued sale. Due to concerns raised by the British government about potential political influence from the United Arab Emirates, it pushed for the resale of The Telegraph. The newspaper is currently managed by independent directors while potential buyers vie for the storied masthead. One of the most prominent interested parties, Sir Paul Marshall, recently withdrew after acquiring The Spectator magazine for 100 million pounds. Other bidders included Lord Saatchi, whose offer of over 350 million pounds was rejected, as well as the Belgian publisher Mediahuis, which was eliminated in the initial negotiation rounds. Lord Rothermere of the Daily Mail also decided against an acquisition due to concerns about potential regulatory hurdles. For Efune, who has owned The New York Sun since 2021, acquiring The Telegraph would be a significant step. While he has not publicly commented on the future of The Telegraph, his journalistic style at The New York Sun is characterized by an ambitious return to principle-based journalism. Before his time at The New York Sun, Efune was the editor-in-chief of the Algemeiner, which he successfully transformed into a digital news portal for international Jewish issues.