Dovid Efune seeks investors for Daily Telegraph takeover bid

Dovid Efune, owner of The New York Sun since 2021, is pursuing a bid to acquire The Daily Telegraph and its Sunday counterpart, aiming to enhance his media portfolio. He is currently assembling a group of investors, including financial backing from Oaktree and Hudson Bay Capital, as well as the family office of hedge fund manager Michael Lefell. The expected sale price for the Telegraph titles ranges between £400 million and £500 million, with a formal bid deadline set for September 27. The auction process is being managed by advisers to RedBird IMI, which previously attempted to acquire the Telegraph titles but faced legal obstacles due to changes in ownership laws. Sir Paul Marshall and National World are also potential bidders, with Marshall recently acquiring The Spectator for £100 million. Efune's management presentation with Telegraph executives indicates serious interest in the acquisition. Efune has expressed a vision for newspapers that prioritize serving readers' needs, reflecting a belief in the enduring relevance of print media. His approach contrasts with the challenges faced by traditional newspapers in the digital age, where competition for attention is fierce. The Telegraph's sale is significant, as it represents a shift in ownership from the Barclay family, who previously held the titles until their companies were liquidated. The outcome of this bidding process could reshape the landscape of British media, particularly if Efune's bid is successful. The implications of such a change could influence editorial direction and the financial viability of the Telegraph, a key player in the UK newspaper market.