New York Sun owner nears £550 million deal for Telegraph: FT

THE owner of the New York Sun is close to acquiring the UK’s The Daily Telegraph newspaper for more than £550 million (S$942 million), according to the Financial Times (FT).

Dovid Efune is poised to enter exclusive talks with current owner RedBird IMI, the FT reported, citing three sources familiar with the matter. Discussions between the sides were at an advanced stage this weekend and a deal is expected to be agreed in the next week.

Efune has offered more money than other potential bidders including David Montgomery’s National World, the FT added. He is backed by a number of US investors and funds, according to the newspaper.

RedBird IMI declined to comment to the FT, while Efune was not immediately available for comment.

Other potential suitors included former UK chancellor Nadhim Zahawi and hedge fund manager Paul Marshall. Bloomberg News reported last month Marshall’s interest had cooled, after the billionaire bought the politically influential Spectator magazine for £100 million.

Any deal would end a long auction by RedBird IMI, the investment firm run by former CNN boss Jeff Zucker, which was forced to offload both The Daily Telegraph and The Spectator after a backlash over its ties to the UAE. BLOOMBERG