(MENAFN- Live Mint) New York Sun's owner Dovid Efune is set to close the deal to buy the UK-based Telegraph for over $550 million, putting an end to the 16-month fight to control the conservative British newspaper, reported the news portal financial Times on Sunday, October 6.
The deal is set to be agreed upon next week as Efune is set to enter an exclusive talk with RedBird IMI to become the news proprietor of the new Telegraph, reported the news portal quoting people aware of the development.
Also Read | UK to Spend £22 Billion on Carbon Capture Sites as Costs Rise
The discussions between the two reached an advanced stage this weekend even though they cautioned that these are yet to be finalised, they said, as per the report.
RedBird IMI's decision to progress the discussions with Efune on an exclusive way would see off competition for the newspaper from National World hedge fund boss Paul Marshall and former UK chancellor Nadhim Zahawi, said the report.
Efune reportedly offered more money for the newspaper than competitors like National World, reported the news portal, quoting people aware of the sale process.
Also Read | Spirit Airlines Struggles to Reach Rescue Deal to Avoid Bankruptcy
According to the report, the sale is set to be a success for RedBird IMI, which was blocked from acquiring it after politicians raised concerns about a national newspaper being partially owned by a group backed by Abu Dhabi.
The news portal reported earlier on September 28 about Dovid Efune, the British boss of the New York Sun, emerging as the highest bidder on the deal, which is expected to close at $550 million.
Also Read | Authum Investment, Mahi Madhusudan Kela to buy 46.85% stake in Prataap Snacks
The deal received a second round of bidding on Friday, as RedBird IMI now weighs offers for the right-leaning British newspaper, according to the news portal report.
Dovid Efune is the publisher of The New York Sun and was previously chief executive officer and the editor-in-chief of the Algemeiner Journal, a Jewish community publication. The New York Sun closed in 2008 but was revived as a digital-focused publication in 2021 by Efune, said the news portal in its report on September 28.
MENAFN06102024007365015876ID1108750608
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.