British-born owner of New York Sun prepares bid for Telegraph

Dovid Efune leads a consortium of US investors working on an offer for the newspaper

The owner of US news website The New York Sun has joined the race to buy The Telegraph.
Dovid Efune is leading a consortium of US investors working on an offer for the newspaper, rivalling other bidders including GB News owner Sir Paul Marshall and National World, a local newspaper group run by David Montgomery.
Mr Efune made a presentation to Telegraph management on Wednesday and has been asked to submit a second-round offer at the end of the month.
His financial backers include asset managers Oaktree and Hudson Bay Capital, the family office of US hedge fund manager Michael Leffell and the investment arm of Canadian real estate developer Beedie, according to Semafor, which first reported the bid.
British-born Mr Efune has owned the New York Sun, a Manhattan-based conservative title, since 2021.
Before that, he was editor-in-chief of the Algemeiner, which he is credited for transforming from a Yiddish-language print newspaper into a major online news publication for international Jewish news.
Mr Efune will now enter the final stages of an ongoing auction, competing against Sir Paul and Mr Montgmonery.
A consortium led by former Cabinet minister Nadhim Zahawi is also in discussions with RedBird IMI, the Abu Dhabi-backed fund that put The Telegraph back up for sale after its takeover was blocked earlier this year.
It is understood that other bidders are involved in the process, although their identity has not yet been disclosed.
A £350m bid tabled by advertising tycoon Lord Saatchi was previously rejected, while Belgian publisher Mediahuis was also eliminated in the auction’s first round.
Daily Mail owner Lord Rothermere withdrew from the race over the summer amid concerns that any deal would face scrutiny on competition and media plurality grounds.
This week, Sir Paul sealed a £100m deal to buy The Spectator magazine, which was also part of the auction.
The hedge fund tycoon is understood to be considering whether to proceed with a bid for The Telegraph.
RedBird IMI is seeking at least £500m for the newspaper in order to recoup the £600m it paid for the two titles last year.
This was part of a complex deal to settle £1.2bn owed by previous owners the Barclay family to Lloyds Banking Group.
The fund is led by former CNN boss Jeff Zucker and majority-backed by UAE vice president Sheikh Mansour bin Zayed Al Nahyan.