Jeff Zucker’s smash-and-grab raid for The Telegraph might have gone down as a great act of media swashbuckling, had it come off. Instead, no less an industry commentator than Donald J Trump took the opportunity to salt the wounds of the man who made him an NBC television star on The Apprentice and then became his antagonist-in-chief as the head of CNN. “Jeff Zucker was always a loser, people just haven’t known about it,” sniped Trump via his very own Twitter knock-off, Truth Social, following the collapse of the bid last month. Yet Zucker, the frontman of UAE-backed fund RedBird IMI, can still walk away a winner if he and his bruised colleagues can engineer an onward sale and a quick profit. The grudge behind Trump’s accompanying attack on The Telegraph itself was less obvious. “These were terrible investments - should have gone down the tubes years ago!” the former president wrote. On Truth Social everyone’s a critic, apparently. For Zucker and The Telegraph, the brickbats from Trump will count for nothing. Yet the former president unwittingly stumbled into two issues now at the heart of a crisis of ownership that is approaching its first anniversary. Firstly, and for complex...