Dovid Efune, owner of the New York Sun, is reportedly close to finalising a deal to acquire the Telegraph newspaper group, according to sources familiar with the matter. Although negotiations are still ongoing, Efune is said to be in advanced talks to purchase the renowned publication.
The British-born businessman has put forward a competitive bid of approximately £550 million for the Telegraph, outbidding other interested parties in the process. Backed by a group of US investors and funds, Efune’s offer stands out in the fierce competition for ownership of the newspaper.
While Efune has not publicly commented on his involvement in the bidding process, his pro-Israel stance and previous remarks on social media platforms have drawn scrutiny. Regulatory authorities in the UK are expected to assess the potential impact of the acquisition on the editorial independence of the Telegraph.
In a recent opinion piece for the New York Sun, Efune highlighted the importance of newspapers prioritising the interests of their readers. He expressed concerns about the risk of the Telegraph being acquired by entities with ties to the United Arab Emirates, emphasising the need for journalistic integrity and independence.
The Telegraph Media Group, which encompasses The Daily and Sunday Telegraph as well as The Spectator magazine, had been under the ownership of Abu Dhabi-backed media investor RedBird IMI. Following regulatory concerns over free speech issues, the previous sale to RedBird IMI was blocked by the Government, prompting a renewed sale process.
Interested parties, including Sir Paul Marshall and National World, have been engaged in negotiations to acquire the Telegraph. Marshall, who recently acquired The Spectator, expressed his long-standing interest in the publication. National World, owner of the Yorkshire Post, was also reportedly in discussions to secure a deal.
With the deadline for second-round offers passing at the end of September, the potential sale of the Telegraph to Efune represents a significant development in the media landscape. RedBird IMI declined to comment on the ongoing reports, as the negotiations with prospective buyers continue to unfold.