In a major media acquisition, British hedge fund founder Paul Marshall has purchased The Spectator, the influential political magazine, for £100 million ($131 million). The sale was confirmed on Tuesday by RedBird IMI, the previous owner, which had put The Spectator up for sale alongside The Daily Telegraph and The Sunday Telegraph earlier this year.

The Spectator, known for its influence in Conservative circles and once edited by former Prime Minister Boris Johnson, will now be part of Marshall’s growing portfolio of right-wing media outlets.

Marshall, who serves as the chief investment officer of the $66.6 billion hedge fund Marshall Wace, made the purchase through his media company, Old Queen Street Media.

Expanding a Right-Wing Media Empire

Marshall’s acquisition of The Spectator marks his latest foray into the media industry. He was a co-founder of the news website UnHerd and is a financial backer of the TV channel GB News, both of which cater to right-leaning audiences. His purchase of The Spectator adds to this media footprint, further consolidating his influence over the UK’s conservative media landscape.

There has also been speculation that Marshall may be eyeing the Telegraph titles, which have attracted significant interest from bidders worldwide. According to RedBird IMI, second-round bids for the Telegraph properties are expected later this month. Sources have indicated that Marshall is among those interested in acquiring them, which would be a major coup in British media.

RedBird IMI's Strategic Sale

RedBird IMI, backed by Abu Dhabi-based investors, was forced to sell The Spectator and the Telegraph titles after the British government blocked its ownership of the newspapers due to regulatory concerns. However, the sale of The Spectator has been completed swiftly.

Jeff Zucker, CEO of RedBird IMI, expressed satisfaction with the deal, stating, "We were committed to moving quickly and capitalising on the strength of the asset and the significant interest from an eager marketplace." He added that RedBird IMI is now focused on finding a suitable buyer for the Telegraph Media Group, a process expected to follow a similar trajectory.

The Future of The Spectator

Marshall’s acquisition of The Spectator has raised questions about the magazine’s editorial direction. Under his ownership, the title is likely to continue its long-standing alignment with conservative politics, but there could be changes as Marshall looks to further expand his media influence.

The Spectator has a storied history as one of Britain’s oldest and most respected political magazines, with a readership that spans from traditional conservatives to more libertarian thinkers. With Marshall now at the helm, the future of the magazine will be closely watched, particularly as competition in the UK’s right-wing media sector heats up.

As RedBird IMI works to finalise the sale of the Telegraph titles, all eyes will be on the next steps for both Marshall and the UK’s rapidly evolving media landscape. Whether or not he adds The Daily Telegraph and The Sunday Telegraph to his portfolio, Marshall’s growing presence in British media will have significant implications for the country’s political discourse.

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