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Leon Black Poised to Anchor Bid for U.K.’s Daily Telegraph: A High-Stakes Media Deal
Edited by: TJVNews.com
Leon Black, the billionaire co-founder and former chairman of Apollo Global Management, is in talks to become the anchor investor in a consortium seeking to acquire the U.K.’s Daily Telegraph newspaper. According to a report on Wednesday in The Wall Street Journal, this development could mark a major shift in ownership for one of Britain’s most influential media outlets.
Black’s involvement centers on a bid led by Dovid Efune, owner and publisher of the New York Sun. Efune has been negotiating for over two months to acquire the Telegraph’s parent company for at least £550 million (approximately $686 million). If the deal goes through, Black’s financial support could provide the crucial funding Efune needs to complete the purchase, The WSJ reported.
The Telegraph Group, which includes the Daily Telegraph and Chelsea Magazine, is among the U.K.’s largest newspaper publishers, boasting over a million subscribers as of late 2023. A historic voice in British right-wing politics, the Telegraph remains a key player in the U.K. media landscape.
However, The WSJ report noted that Efune has yet to finalize the funding required for the deal, fueling speculation that it might collapse. Black’s potential backing could not only secure the necessary funds but also attract additional investors. Todd Boehly, part-owner of the Los Angeles Dodgers and Chelsea Football Club, has also considered supporting Efune’s bid.
Leon Black’s involvement could serve as a game-changer for Efune’s efforts. The report in The WSJ explained that Black’s stature as a billionaire investor and his reputation on Wall Street could lend credibility to the consortium, reassuring other potential backers.
Black is no stranger to high-stakes financial moves. As a co-founder of Apollo Global Management in 1990, he played a pivotal role in building the firm into a financial giant overseeing more than $700 billion in assets. Although Black stepped down from Apollo in 2021 following revelations about his ties to Jeffrey Epstein, he has continued to make significant investments through his family office, Elysium Management.
Black’s estimated net worth of $14.7 billion (according to the Bloomberg Billionaires Index) positions him as a powerful player in any financial negotiation. However, details about how Black might structure his investment in the Telegraph remain unclear.
The Daily Telegraph’s ownership has been in flux since 2023, when the U.K. government blocked a sale to RedBird IMI, a group led by former CNN boss Jeff Zucker. Concerns over potential foreign influence on British press freedom arose due to RedBird’s financial backing from a member of Abu Dhabi’s royal family.
The WSJ reported that the government’s intervention forced Zucker to sell the Telegraph Group and its sister publication, the Spectator. The latter was ultimately sold for £100 million to British hedge-fund billionaire Paul Marshall, leaving the Telegraph Group in limbo.
Efune’s bid to acquire the Telegraph is seen as an opportunity to reinvigorate the publication. According to the information provided in The WSJ report, new ownership could bolster the Telegraph’s brand, sharpen its editorial direction, and strengthen its position in the competitive U.K. media market, where it vies with outlets like Rupert Murdoch’s Times.
Despite the potential impact of Black’s involvement, the deal is far from finalized. Efune must still solidify his consortium of backers and complete due diligence on the acquisition. The WSJ report indicated that these steps could take weeks, and the outcome remains uncertain.
If the deal is successful, Black’s role as a key investor could signal a renewed focus on preserving and modernizing influential media outlets. The Telegraph Group’s legacy, combined with strategic new ownership, may offer a path toward revitalization in an era of digital transformation.
As The Wall Street Journal report highlighted, Leon Black’s potential backing of the Telegraph Group underscores the interplay between financial clout and media influence. If completed, this acquisition could reshape the landscape of British journalism, ensuring that one of the country’s most prominent newspapers remains a powerful voice in the industry.
With stakes high and uncertainty looming, the coming weeks will determine whether Efune’s consortium can secure the Telegraph’s future—and whether Black will play a pivotal role in one of the most closely watched media deals of 2025.
