Axel Springer, the German media conglomerate behind Bild, Politico, and Business Insider, has thrown its weight behind a £500 million bid for the Telegraph Media Group, forming a consortium led by Manchester-born entrepreneur Dovid Efune. The move directly challenges the acquisition deal previously agreed by Daily Mail & General Trust (DMGT), which owns the Daily Mail, The Mail on Sunday, Metro, and The i Paper. A letter sent to RedBird IMI, the seller of the Telegraph, reportedly outlines a proposal superior to DMGT’s, according to the Financial Times.
A spokesman for Axel Springer confirmed the company’s participation in the bid but declined to provide further details. The DMGT deal, valued at £500 million and agreed in November last year, is currently under regulatory scrutiny. UK authorities are examining the takeover for potential impacts on media plurality and competition, raising fresh uncertainty over the future of The Telegraph, which has been in limbo since 2023.
The newspaper’s troubled sale history includes a blocked bid by RedBird IMI, a joint venture between Abu Dhabi’s IMI and US private equity firm RedBird Capital, over concerns about foreign influence on a British publication. After revising its structure to limit IMI’s stake to 15 per cent, RedBird eventually withdrew its offer in November amid regulatory hurdles and internal newsroom resistance. RedBird later sought approval from Culture Secretary Lisa Nandy to transfer its interest in the papers to DMGT.
Efune, who publishes The New York Sun, previously attempted a bid for the Telegraph backed by hedge fund manager Jeremy Hosking, which failed last year. The new offer, reportedly fully funded and with more cash upfront than DMGT’s, may appeal to RedBird if the existing deal collapses. The outcome is being closely monitored, with Ofcom and the Competition and Markets Authority expected to report to Nandy by June 10 on potential effects for readers, advertisers, pricing, and the diversity of media choice.
The proposed DMGT acquisition would bring the Daily and Sunday Telegraph under the same ownership as the Daily Mail titles, with assurances that editorial independence would be preserved. However, speculation remains that DMGT may face pressure to sell some titles to satisfy competition regulators, even as Lord Rothermere, DMGT’s controlling shareholder, seeks to complete the takeover without divestments.
