Billionaire Leon Black in Talks To Back Bid for U.K.'s Telegraph

Leon Black, the co-founder and former chairman and chief executive of Apollo Global Management, is in talks to become the anchor investor behind the planned purchase of the U.K.'s Daily Telegraph newspaper.

- Ben Dummett And Caitlin McCabe

The billionaire investor, if the deal goes ahead, would be a major player in a consortium.

These backers would provide funding to help David Efune, the owner and publisher of the New York Sun, buy the Telegraph's parent company, according to people familiar with the matter.

Efune has been in talks for more than two months to buy the publication for at least $550 million, equivalent to more than $686 million, from a group headed by CNN's former boss, Jeff Zucker. Efune hasn't completed funding for the deal, fueling speculation it could fall through.