The owner of a major US newspaper has entered “exclusivity” talks to purchase British newspaper The Daily Telegraph, it can be confirmed.
Dovid Efune, proprietor of The New York Sun, is understood to have been the highest bidder in the sale of the prestigious newspaper, paying over £550 million ($650 million).
Mr Efune, who was born in Britain and is a former editor of the New York-based Jewish community publication, the Algemeiner Journal, beat three other bidders to enter into the exclusive sales talks.
A six-week sales process will now be put in motion with due diligence carried out to establish if Mr Efune is suitable to purchase the titles first founded in 1855.
Mr Efune on Monday said the newspapers “symbolise the very best of world-class, independent journalism” and were committed to the public interest.
“This unique institution has a storied history as a pillar of the British press, dedicated to providing readers uninhibited, clear-eyed coverage of the most consequential issues of the day,” he added.
The auction of the Conservative-backing newspaper, including The Sunday Telegraph title, came about after the previous British government denied RedBird IMI ownership by changing foreign ownership laws. RedBird IMI is an Abu Dhabi-backed company that purchased the group last year.
A representative for RedBird IMI confirmed to The National - which is owned by IMI - that it had entered exclusivity talks with Mr Efune but declined to comment further.
RedBird IMI had originally bought the two titles, plus the influential right-leaning Spectator magazine, for an estimated £600 million after they were sold by the Barclay family. The Spectator has since been sold to Sir Paul Marshall, a businessman and publisher, for £100 million.
The business led by Aidan Barclay, which had owned the titles since 2006, lost the newspapers after Lloyds Bank called in a £1 billion debt.
The RedBird IMI bid had included undertakings to agree complete editorial independence and planned significant investment in the papers’ journalism.
However, the-then Conservative government led by Rishi Sunak published legislation that prevented foreign states or associated individuals from owning British newspapers.
The right-wing paper’s sale will ultimately be signed off by the new Labour culture secretary Lisa Nandy.
When he purchased The New York Sun in 2021, he ensured it resumed full-time online reporting that focused on a “digital-first” strategy.
Mr Efune is understood to have sought funds from a number of financial backers including Oaktree and Hudson Bay Capital Management and the American hedge fund manager Michael Leffell’s family office.
A list of the animal rescue organisations in the UAE
MATCH INFO
Uefa Champions League semi-final, second leg result:
Ajax 2-3 Tottenham
Tottenham advance on away goals rule after tie ends 3-3 on aggregate
Final: June 1, Madrid
MATCH INFO
Uefa Champions League semi-final, first leg
Tottenham 0-1 Ajax, Tuesday
Second leg
Ajax v Tottenham, Wednesday, May 8, 11pm
Game is on BeIN Sports
WOMAN AND CHILD
Director: Saeed Roustaee
Starring: Parinaz Izadyar, Payman Maadi
Rating: 4/5
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
The Specs
Price, base Dh379,000
Engine 2.9-litre, twin-turbo V6
Gearbox eight-speed automatic
Power 503bhp
Torque 443Nm
On sale now
If you go
The flights
Emirates flies from Dubai to Funchal via Lisbon, with a connecting flight with Air Portugal. Economy class returns cost from Dh3,845 return including taxes.
The trip
The WalkMe app can be downloaded from the usual sources. If you don’t fancy doing the trip yourself, then Explore offers an eight-day levada trails tour from Dh3,050, not including flights.
The hotel
There isn’t another hotel anywhere in Madeira that matches the history and luxury of the Belmond Reid's Palace in Funchal. Doubles from Dh1,400 per night including taxes.
Tesalam Aleik
Abdullah Al Ruwaished
(Rotana)
DSC Eagles 23 Dubai Hurricanes 36
Eagles
Tries: Bright, O’Driscoll
Cons: Carey 2
Pens: Carey 3
Hurricanes
Tries: Knight 2, Lewis, Finck, Powell, Perry
Cons: Powell 3
Other IPL batting records
Most sixes: 292 – Chris Gayle
Most fours: 491 – Gautam Gambhir
Highest individual score: 175 not out – Chris Gayle (for Royal Challengers Bangalore against Pune Warriors in 2013)
Highest strike-rate: 177.29 – Andre Russell
Highest strike-rate in an innings: 422.22 – Chris Morris (for Delhi Daredevils against Rising Pune Supergiant in 2017)
Highest average: 52.16 – Vijay Shankar
Most centuries: 6 – Chris Gayle
Most fifties: 36 – Gautam Gambhir
Fastest hundred (balls faced): 30 – Chris Gayle (for Royal Challengers Bangalore against Pune Warriors in 2013)
Fastest fifty (balls faced): 14 – Lokesh Rahul (for Kings XI Punjab against Delhi Daredevils in 2018)
