US publisher joins pursuit of UK’s Telegraph newspaper
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Dovid Efune, owner of the right-leaning digital outlet The New York Sun, has emerged as one of the bidders for the Telegraph, vying with UK-listed media group National World and hedge fund boss Paul Marshall for the British newspaper.
Efune is working with a number of other US investors on the bid, said three people close to the situation, as one of the three parties now with access to the title’s financials. He has been asked to submit a second round offer at the end of this month, they said.
The Telegraph’s ownership has been in question for more than a year since the Barclay family lost control of their media assets over unpaid debts to Lloyds Banking Group.
RedBird IMI, the Abu Dhabi-backed investment group, agreed to buy the Telegraph and sister magazine The Spectator, but was then blocked by the UK government given concerns over foreign state ownership.
Efune, the former chief executive of a newspaper for the New York Jewish community called the Algemeiner Journal, has owned the Sun since 2021.
Semafor, the US digital news site, on Wednesday night reported he was working with Oaktree and Hudson Bay Capital on the bid. LionTree is advising Efune, who was not immediately available for comment.
Efune joins David Montgomery’s National World and Marshall as the three bidders in the process. All are having meetings with the management of the Telegraph, including presentations over strategy and financial details, ahead of the next round bids. Nadhim Zahawi, the former British chancellor, has also had talks with RedBird IMI about submitting a bid.
Marshall this week sealed the £100mn acquisition of the Spectator magazine. People close to the hedge fund boss say he is still considering whether to go forward with an offer for the Telegraph, raising concerns about the high price being asked for the newspaper.
RedBird IMI wants about £500mn — which, added to the £100mn secured for the Spectator, would recoup the full £600mn it spent on acquiring control of the titles last year.