Axel Springer, owner of Politico and Business Insider, has joined a consortium led by Dovid Efune to bid for the Telegraph, challenging an agreed £500 million sale to Daily Mail owner Lord Rothermere. The consortium, which also includes Baltimore Sun owner David D Smith and British investor Jeremy Hosking, claims to offer a larger upfront cash payment with minimal debt and no anticipated regulatory hurdles. Efune, owner of the New York Sun, has been pursuing the Telegraph for over a year. The sale to DMGT has been referred to regulators over media plurality and competition concerns, with Culture Secretary Lisa Nandy expressing worry about consolidation of "right-leaning" titles. Ofcom will now examine the deal's impact on media plurality. RedBird IMI, the UAE-backed venture selling the titles, was recently released from legal restrictions preventing the sale.

DMGT has secured funding for its £500 million acquisition of the Telegraph, according to sources. The funding package is expected to combine equity and debt. The deal marks a significant move in the media industry, which continues to face upheaval from new technologies affecting both production and distribution. Further details about the funding structure and timeline for the acquisition have not been disclosed.

RedBird Capital is seeking Apollo to provide the debt for its £500 million takeover of the Telegraph, as the UK considers whether to refer the deal to Ofcom.