The New York Sun owner, Dovid Efune, has begun exclusive talks to buy the Daily and Sunday Telegraph for £550m, the Guardian understands .
Efune, a former editor of the New York-based Jewish publication, the Algemeiner Journal, made the highest bid to buy the newspapers last month and has beaten three rivals to become the proprietor.
The exclusivity talks will trigger a six-week process of due diligence, it is understood, to ensure he is suitable to acquire the titles. The final deal will be subject to approval by the culture secretary, Lisa Nandy.
It comes amid fears that the checks may only assess his finances and not his past interventions.
He has a range of financial backers including asset managers Oaktree and Hudson Bay Capital Management, and the family office of US hedge fund manager Michael Leffell.
Efune told the Telegraph: “The Daily Telegraph and Sunday Telegraph symbolise the very best of world-class, independent journalism and a commitment to relentlessly seeking the public interest.
“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.
“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.”
More details soon …