Dovid Efune, the head of The New York Sun, is emerging as a leading contender in the auction for the UK’s Telegraph newspaper, which is expected to raise around £550 million. Efune has garnered support from significant US investment funds, positioning him favorably in the bidding process. Efune, the US owner of The New York Sun, is currently seen as a leading candidate to win the auction.
RedBird IMI is overseeing the auction after acquiring control of the Telegraph last year, and they're assessing bids submitted in the latest round. Notably, billionaire Bill Ackman opted not to participate despite initial discussions about financing.
Other bidders include National World, led by David Montgomery, and a consortium involving Sir Paul Marshall and Ken Griffin. However, some bidders, including Lord Rothermere’s DMGT, have stepped back from the process.
Efune's potential acquisition could reconnect him with Conrad Black, a former owner of the Telegraph, who writes for The New York Sun. The Telegraph's ownership changed hands recently due to financial issues, creating this new sales opportunity. A decision on the winning bid is expected soon.