New York Sun owner frontrunner to buy The Telegraph
British newspaper The Daily Telegraph reported Monday (7 October) that the owner of US news website The New York Sun was leading a year-long pursuit of the right-wing title.
Britain-born businessman Dovid Efune "is poised to enter exclusive talks" to purchase the publication in a deal worth about o550 million ($720 million), The Telegraph said.
US-Emirati consortium, RedBird IMI, last year struck a deal for Telegraph Media Group, owner of the newspaper.
Keep updated, follow The Business Standard's Google news channel
TMG last month announced a deal to sell British right-wing magazine The Spectator to hedge fund manager Paul Marshall for o100 million.
It followed steps taken by the UK's previous Conservative government that triggered a swift resale of TMG amid concern over the potential impact on freedom of speech given Abu Dhabi's press censorship record.
Redbird IMI is majority-owned by Sheikh Mansour bin Zayed Al Nahyan, vice president of the United Arab Emirates and owner of Manchester City Football Club.
Founded in 1855 and up until recently owned by the Barclay family, the Daily Telegraph was put up for sale 12 months ago by British bank Lloyds to pay off debts.
