The ownership of The Telegraph, a prominent British conservative newspaper, is poised to change hands. Dovid Efune, the owner of the New York Sun, is set to finalize a deal to purchase the newspaper for over $550 million, effectively ending a 16-month struggle for control.
According to the Financial Times, Efune is set to enter exclusive talks with RedBird IMI, the current owners of The Telegraph, next week. The agreement would see Efune become the new proprietor of the newspaper. Discussions between the two parties have reportedly reached an advanced stage, although they remain cautious about finalizing the deal.
Efune’s successful bid marks the end of competition from other contenders, including National World hedge fund boss Paul Marshall and former UK Chancellor Nadhim Zahawi. Efune’s offer is reported to have surpassed those of his competitors.
The sale is expected to be a positive outcome for RedBird IMI, which faced obstacles in acquiring The Telegraph previously. Politicians had raised concerns about a national newspaper being partially owned by a group backed by Abu Dhabi.
Efune’s acquisition of The Telegraph represents a significant move in the media landscape. He is the publisher of The New York Sun and previously held the positions of chief executive officer and editor-in-chief of the Algemeiner Journal, a Jewish community publication. The New York Sun, which was shut down in 2008, was revived as a digital-focused publication in 2021 under Efune’s leadership.
The acquisition of The Telegraph is expected to be completed next week. The deal marks a significant shift in the ownership of a major British newspaper and will be closely watched by the media industry.
