Dovid Efune, the owner of the politically right-leaning New York Sun, has become the favorite to buy the Daily and Sunday Telegraph ahead of the bidding deadline this Friday.
Although he entered the auction late, his bid is seen as a strong contender among several parties.
Efune is believed to be able to offer around £550 million for the newspapers.
Unlike a previous bid backed by the ruling family of the United Arab Emirates, which was blocked due to political and regulatory concerns, Efune’s proposal appears to face fewer objections.
He is one of only two bidders who attended senior management presentations at the Telegraph, and his potential ownership has been met with a generally positive reception, even though “none of the bidders are perfect,” according to sources.
If Efune’s bid is successful, it could re-establish a link between the Telegraph and its former owner, Conrad Black.
Black, who contributed to the New York Sun, was convicted of fraud and obstructing justice in 2007 but received a pardon from former President Donald Trump in 2019.
Several other bidders are still competing for one of Britain’s most influential newspapers.
Hedge fund mogul Sir Paul Marshall, who recently acquired the Spectator for £100 million, is rumored to be interested in expanding his right-leaning media empire, which includes GB News.
However, insiders suggest that his bid may be losing momentum.
National World, owner of regional publications like the Scotsman and the Yorkshire Post, is also in the race.
Its owner, David Montgomery, attended a presentation but was reportedly underwhelming in his plans for the Telegraph, with some attendees describing his ideas as “dated.”
Lord Rothermere, the controlling shareholder of the Daily Mail, has reportedly rekindled interest in the auction after initially stepping back due to anticipated competition objections from regulators.
Former Chancellor Nadhim Zahawi is also working to raise funds in the Middle East for a potential bid.
Rupert Murdoch’s News UK showed early interest but is no longer considered a serious bidder, having shifted focus to the Spectator.
The Telegraph is back on the market after a failed attempt by Redbird IMI, backed by Manchester City owner Sheikh Mansour, to acquire both the Telegraph and the Spectator by settling the previous owner’s debts.
The previous Conservative government blocked that bid, fearing foreign state control over influential UK newspapers.
With titles like the Telegraph and the Spectator rarely available for sale, they are considered “trophy assets” due to their prestige and influence, which can command higher prices than their financial performance alone might suggest. Media analyst Ian Whitaker noted that a strong brand can allow for international sales and additional monetization opportunities.
Redbird IMI had effectively paid £600 million for the Telegraph and Spectator titles, with many believing they overpaid. However, Sir Paul Marshall’s £100 million purchase of the Spectator, which only makes around £2 million in profit a year, has raised optimism that the Telegraph, which earns over £40 million in profit, could sell for “north of £500 million.”
It may take several weeks or even months to finalize ownership, as various legal and regulatory issues must be addressed.
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