The Daily Telegraph is set to be acquired by the owner of the conservative New York Sun in a deal worth £550 million. Dovid Efune, a 37-year-old Manchester-born businessman and former editor-in-chief of The Algemeiner, is at the forefront of buying the Telegraph and negotiations could be finalised as early as this week. This bid by Mr Efune surpasses offers from other interested buyers, including GB News owner Sir Paul Marshall.
However, concerns have been raised within the industry regarding the potential acquisition due to Mr Efune’s association with the right-wing New York Sun and controversial statements made on social media about the Israel-Gaza conflict. Despite this, he emphasised the importance of a free press in a recent opinion piece for the New York Sun, highlighting the need for newspapers to prioritise serving readers above all else.
If the acquisition goes through, Mr Efune will take over ownership from RedBird IMI, a media investment fund backed by Abu Dhabi interests, which acquired the Telegraph last year to assist the Barclay family with their financial obligations. The government intervened in the sale process, prohibiting foreign states from owning British newspapers.
Other potential buyers for the Telegraph include National World, a local newspaper group led by David Montgomery. The deadline for second-round offers has passed, and the Independent has sought a response from the Telegraph Media Group regarding the sale. Stay updated with our notifications to learn more about this developing story.