Leon Black, Apollo Global Management co-founder, is in talks to support Dovid Efune's £550 million bid for the UK's Telegraph newspaper.Efune's advisers are engaging with Leon Black's son, Ben Black, founder of investment firm Fortinbras. The potential investment could prove 'decisive' for Efune, who has faced difficulties securing funding for his bid.
Leon Black, the co-founder of Apollo Global Management, has held talks about backing the £550mn bid to buy the UK’s Telegraph newspaper by Dovid Efune, owner of the New York Sun. Efune’s advisers have been talking predominantly to Black’s son Ben Black, who founded the investment firm Fortinbras, said the people. The potential new anchor investment would be made by Fortinbras, they added.
Leon Black stepped down from leadership roles at Apollo in 2021 after his ties to the late sex offender Jeffrey Epstein emerged. The talks with Black have not yet been finalised in a deal, according to two people familiar with the situation. Efune has had trouble in finding the money for his bid, which he first mounted in the autumn. The hope is that Black’s investment could prove “decisive” for Efune, the people added. The future of the right-leaning British newspaper group has been in question since its takeover by RedBird IMI, backed by money from Abu Dhabi, was then blocked by the UK government last year after concern about foreign states buying British news organisations. The Barclay family who owned the Telegraph Media Group lost control of their media assets 18 months ago over unpaid debts to Lloyds Banking Group. RedBird IMI agreed to buy the Telegraph and its sister magazine The Spectator before the UK government intervened. Todd Boehly, co-owner of Chelsea Football Club, is also in talks with Efune about backing his bid, or even launching a rival offer, the Financial Times has previously reported. According to people close to the situation, those discussions are still ongoing alongside talks with Black, whose potential involvement was first reported by the Wall Street Journal. Black and Efune did not respond to requests for comment. RedBird IMI declined to commen
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