The owner of the American conservative newspaper The New York Sun is closing in on a deal to buy the Telegraph for more than £550 million.
Dovid Efune, who is also the honorary chairman of the Algemeiner Journal, a US-based newspaper that covers American and international Jewish and Israel-related news, is set to enter exclusive talks with the Telegraph’s proprietors.
Discussions between Efune and RedBird IMI were in advanced stages at the weekend, according to the Financial Times, which first reported the news, with Efune offering more money than other bidders such as Sir Paul Marshall, the hedge fund boss.
Last month Marshall bought The Spectator magazine for £100 million, meaning that RedBird IMI, which acquired the right to own the Telegraph and its sister