British Hedge Fund Mogul Acquires The Spectator for £100 Million

Paul Marshall, founder of a major British hedge fund, has acquired The Spectator political magazine for £100 million. The sale follows Abu Dhabi-backed RedBird IMI's blocked ownership of the publication. Marshall's media acquisitions include other right-wing outlets. The Telegraph is also up for sale with bids due soon.

British hedge fund founder Paul Marshall has acquired The Spectator political magazine for £100 million ($131 million), according to a statement from seller RedBird IMI on Tuesday.

The Spectator, influential in Conservative circles and once edited by former Prime Minister Boris Johnson, was put up for sale in June alongside the Daily Telegraph and Sunday Telegraph after RedBird IMI, backed by Abu Dhabi, was blocked from owning the newspapers by the British government. Marshall, who serves as chief investment officer of the $66.6 billion global hedge fund Marshall Wace, added the magazine to his portfolio under his Old Queen Street Media vehicle, which already includes other right-wing media outlets.

Marshall, a founder of news website UnHerd and a backer of TV channel GB News, is also reportedly interested in acquiring The Telegraph titles, which have garnered strong global interest, according to RedBird IMI. Second round bids are anticipated later this month. RedBird IMI Chief Executive Jeff Zucker highlighted their commitment to finding a suitable buyer for The Spectator and completing a transaction with strong economic rationale. Zucker expressed confidence in achieving similar success with the Telegraph sale.

(With inputs from agencies.)