Politics
Hedge fund investor buys British magazine The Spectator for $131 million
LONDON A hedge fund has bought The Spectator, one of the world's oldest political magazines, for 100 million pounds ($131 million) after months of searching for a new owner for the publication, people involved in the sale said on Tuesday.
Millionaire Paul Marshall already co-owns the British channel GB News, launched three years ago as a right-wing alternative to mainstream news channels, along the lines of Fox News.
The Spectator's takeover comes after the British government blocked a UAE-backed consortium's takeover of Telegraph Media Group, which owns the Daily Telegraph and Sunday Telegraph newspapers as well as The Spectator. The publications are closely linked to Britain's Conservative Party.
The media group, previously owned by the Barclay family, has been put up for sale to help the family pay off its debts. An agreement has been reached to sell the company to RedBird IMI, a consortium backed by US financial firm RedBird Capital Partners and Sheikh Mansour bin Zayed Al Nahyan, a member of the Abu Dhabi royal family and vice president of the United Arab Emirates. The group is led by former CNN boss Jeff Zucker.
But the consortium withdrew in March, following strong opposition from the British government, which was concerned about the impact of the move on freedom of expression and the fair presentation of information. Government officials have launched legislation aimed at preventing foreign states from owning British newspapers and magazines.
Marshall said he was a long-time reader of the Spectator and was delighted with the acquisition through his Old Queen Street media group.
OQS's goal is to make up for previous underinvestment in one of the world's biggest stocks, he said. Marshall also owns conservative commentary site Unherd.
Founded in 1828 in London, The Spectator is considered the world's oldest news magazine. Its previous editors include Boris Johnson (1999–2005), who became British Prime Minister from 2019 to 2022.
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