Dovid Efune, owner of the New York Sun, has emerged as the leading contender in the race to acquire the Daily and Sunday Telegraph ahead of the bidding deadline on Friday. Although a late entrant to the auction, the British-born Efune is now seen by many as the strongest candidate in the competition.
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Efune is believed to be capable of offering a competitive bid of around £550 million, while avoiding the political and regulatory objections that previously blocked a bid backed by the ruling family of the United Arab Emirates. Notably, Efune is one of only two bidders to have attended senior management presentations at the Telegraph.
Telegraph executives have expressed a welcoming attitude towards Efune’s potential ownership, though they admit that “none of the bidders are perfect.” If successful, the deal could create a link between the Telegraph and Conrad Black—the newspaper’s former owner, who was convicted of fraud and obstruction of justice in 2007, and later pardoned by Donald Trump in 2019.
A Heated Race with Several Heavyweights
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The auction not only includes Efune but also several formidable rivals. Sir Paul Marshall, a hedge fund tycoon, recently acquired the Spectator for £100 million and appointed former Minister Michael Gove as the new editor. Backed by funds from Ken Griffin, some speculate that Sir Paul is looking to expand his right-leaning media empire, which includes GB News. However, sources close to the deal suggest that his bid may be losing momentum.
Another competitor is National World, owner of regional titles like the Scotsman and the Yorkshire Post, with David Montgomery being the other bidder who attended the current management’s presentation at the Telegraph. However, Montgomery’s plans were reportedly unimpressive, with some describing his ideas as “dated” and akin to “dad dancing”—a sign of his disconnect with modern media.
Meanwhile, Lord Rothermere, the controlling shareholder of the Daily Mail, is thought to have rekindled interest in the auction after previously withdrawing due to anticipated regulatory and competitive challenges from the new Labour government.
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Former Chancellor Nadhim Zahawi, who has close ties with the Barclay family, the former owners of the Telegraph, is also believed to be seeking funds from the Middle East to back his bid.
Potential Challengers and the Outlook Ahead
Previously, Rupert Murdoch’s News UK showed interest but is no longer considered a bidder, having focused more on the Spectator. Sources close to the deal reveal that other potential bidders may still emerge as the midnight deadline on Friday approaches.
The race to acquire the Telegraph is intensifying, with major players and bold plans vying for control. Who will emerge victorious and shape the future of one of Britain’s most influential newspapers? Stay tuned as the secrets behind this high-stakes battle are revealed.
