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.
