Dovid Efune, owner of The New York Sun, has entered exclusive negotiations to purchase the United Kingdom’s Daily and Sunday Telegraph for £550 million ($718 million). A former editor with the New York-based Algemeiner Journal—a Jewish news-focused publication—Efune submitted the highest bid for the newspapers last month, beating out three other bidders. A six-week due diligence period is anticipated to assess Efune’s suitability for the acquisition. The agreement would ultimately require approval from the Labour government’s Culture Secretary, Lisa Nandy.
Meanwhile, current staff at the publications are worried that Efune’s staunch pro-Israel views will result in his editorial intervention in their coverage of the ongoing crisis in the Middle East following Hamas’s barbaric October 7 terrorist attacks against the Jewish state. Some Daily and Sunday Telegraph staff worry the betting process will solely focus on Efune’s financial fitness and not his religion or personal politics.
Financially, The New York Sun owner is backed by asset managers Oaktree and Hudson Bay Capital Management and the family office of U.S. hedge fund manager Michael Leffell.
Despite staff concerns, Efune has heaped praise on the British newspapers. “The Daily Telegraph and Sunday Telegraph symbolise the very best of world-class, independent journalism and a commitment to relentlessly seeking the public interest,” he said in a recent interview. “This unique institution has a storied history as a pillar of the British press, dedicated to providing readers uninhibited, clear-eyed coverage of the most consequential issues of the day.”
He added: “As a lifelong newsman—variably as reporter, columnist, editor, and now publisher—I believe strongly that these values, in general, are fundamental to the advancement of any journalistic enterprise. It’s with these principles that the Telegraph is best positioned for even greater success going forward.”
Image by University of Seville.
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