The race to acquire the Daily and Sunday Telegraph has heated up as the deadline for bids approaches, with the owner of the politically right-leaning New York Sun emerging as the favorite contender.
British-born Dovid Efune, a late entrant to the auction, has quickly become a potential frontrunner with a competitive bid of around £550m. Unlike a previous bid backed by the United Arab Emirates ruling family, Efune’s offer is not expected to face political or regulatory objections.
Efune is one of only two bidders to have attended senior management presentations at the Telegraph, and his potential ownership has been met with broad approval from current management. If successful, his bid could provide a link between the Telegraph and its former owner, Conrad Black, who was pardoned by Donald Trump in 2019.
However, Efune faces competition from other bidders, including hedge fund tycoon Sir Paul Marshall, who recently acquired the Spectator and appointed Michael Gove as the new editor. Sources suggest that Marshall’s bid may be losing momentum, while National World, owned by David Montgomery, has also expressed interest in acquiring the Telegraph.
Lord Rothermere, the controlling shareholder of the Daily Mail, and former chancellor Nadhim Zahawi are also rumored to be considering bids for the influential newspaper. Rupert Murdoch’s News UK, initially interested in the Spectator, is no longer in the running.
The Telegraph, considered a “trophy asset,” is back up for sale after a previous bid collapsed due to objections from the Conservative government. The strength of the brand and its potential for global expansion make it an attractive investment for potential buyers.
As the deadline for bids approaches, it is expected to take several weeks or months for the ownership of the Telegraph to be settled as legal and regulatory hurdles are cleared. The outcome of the auction will have significant implications for the future of one of Britain’s most influential newspapers.
