The owner of the New York Sun, Dovid Efune, is now seen as the likely buyer for the Daily and Sunday Telegraph, with bids due by Friday, according to the BBC. Although he joined the auction late, Efune’s bid of about £550 million is gaining attention. His offer is seen as more favorable than one backed by the UAE’s ruling family, which was blocked by the UK government due to political concerns.
Efune is one of only two bidders who attended meetings with Telegraph’s top management. The management is cautiously optimistic about his bid, though they admit no bidder is perfect. If he wins, it could create a connection to Conrad Black, a previous owner of the Telegraph and current contributor to the New York Sun. Black was convicted of fraud in 2007 but was pardoned by Donald Trump in 2019 while he was president.
Other bidders are still in the race for one of Britain’s top newspapers, but some, like hedge fund tycoon Sir Paul Marshall, seem to be losing momentum. Marshall, who recently bought The Spectator for £100 million, is said to want to expand his right-wing media empire, which already includes GB News. However, BBC sources say his bid is fading.
David Montgomery, owner of National World, also remains in the running. He attended the same presentation as Efune, but some found his ideas for the Telegraph outdated. His past of cutting jobs at other papers hasn’t impressed Telegraph staff, who described his approach as “a bit like dad dancing.”
Meanwhile, Lord Rothermere, who controls the Daily Mail, is reportedly back in the auction after previously stepping away due to competition concerns. Former Chancellor Nadhim Zahawi is also rumored to be raising funds in the Middle East to make his own bid.
Rupert Murdoch’s News UK initially showed interest but is no longer involved. Other potential buyers might still join the race before the Friday deadline.
As the BBC reports, the Telegraph, a “trophy asset” with influence and prestige, could sell for more than £500 million. It will likely take months to finalize ownership due to legal and regulatory processes.
BBC also noted that an earlier attempt by Sheikh Mansour of Manchester City fame to buy both the Telegraph and Spectator fell through, with the UK government blocking the deal over concerns about foreign state control of politically important media outlets.
Credit : BBC
https://www.bbc.com/news/articles/czegl8p0p5po