Dovid Efune Leads Bid for The Telegraph

Dovid Efune, the owner of The New York Sun, has emerged as a key bidder in the ongoing auction for The Daily Telegraph, competing against notable figures such as Paul Marshall and David Montgomery. Efune is leading a consortium of US investors, including asset managers Oaktree and Hudson Bay Capital, and has been asked to submit a second-round offer by the end of September. The Telegraph's sale follows a year of uncertainty after the Barclay family's loss of control due to unpaid debts, and the current asking price is estimated between £400 million and £500 million. Additionally, there is speculation about Conrad Black, the former owner of The Telegraph, possibly supporting Efune's bid. The auction process is being overseen by RedBird IMI, which previously attempted to acquire the publication but faced government scrutiny over foreign ownership concerns. Efune's strategic presentation to Telegraph management marks a significant step in the competitive bidding landscape for this influential British newspaper.