Paul Marshall Acquires The Spectator for £100 Million Amidst Media Shakeup

British hedge fund founder Paul Marshall has purchased The Spectator political magazine for £100 million. Marshall aims to revitalize the influential publication through his Old Queen Street Media vehicle, which also owns online magazine UnHerd. The purchase follows Britain blocking RedBird IMI from owning media titles like the Daily Telegraph.

British hedge fund founder Paul Marshall has acquired The Spectator political magazine for £100 million, according to a statement from the seller RedBird IMI on Tuesday. The title holds significant influence in Conservative circles and was once edited by former Prime Minister Boris Johnson. It was put up for sale in June after the UK government blocked Abu Dhabi-backed RedBird IMI from owning it.

Marshall, the chief investment officer of global hedge fund Marshall Wace, made the purchase through his Old Queen Street Media (OQS) vehicle, which also owns the online magazine UnHerd. Marshall is a known backer of the right-wing TV channel GB News. "As a long-term Spectator reader, I am delighted it is joining the OQS stable," Marshall stated. He emphasized that OQS plans to address previous underinvestment in the magazine and aims to enhance its values and successful track record.

OQS has confirmed that both UnHerd and The Spectator will maintain separate editorial and governance structures. RedBird IMI also disclosed that The Telegraph titles have received strong interest from global bidders, with second-round bids expected later this month. RedBird IMI Chief Executive Jeff Zucker indicated that the group aimed for a rapid transaction that makes economic sense, and has achieved this with OQS Media. Marshall has also shown interest in acquiring the Telegraph, sources say.

(With inputs from agencies.)