Millionaire Paul Marshall, a hedge fund investor, has acquired The Spectator for 100 million pounds after an extensive search for a new owner, as announced on Tuesday. Marshall, already a co-owner of GB News, a right-leaning channel in the UK, finalized the takeover of The Spectator following the British government’s block of a United Arab Emirates-backed consortium from purchasing the Telegraph Media Group, which includes The Spectator among other publications closely linked to the Conservative Party in Britain.
The sale of the media group, previously owned by the Barclay family, aimed to settle the family’s debts. Despite a planned purchase by RedBird IMI, a consortium supported by U.S. financial firm RedBird Capital Partners and Sheikh Mansour bin Zayed Al Nahyan of Abu Dhabi’s royal family, the deal fell through in March due to governmental opposition concerned with upholding freedom of expression and accurate news reporting. This led to government action to prevent foreign state ownership of British media outlets.
Expressing his excitement over the acquisition, Marshall, a self-professed long-time reader of The Spectator, mentioned plans for his Old Queen Street media group to enhance the magazine by addressing previous underinvestment in the renowned publication. Marshall, who also owns the conservative commentary website Unherd, intends to revitalize The Spectator, established in London in 1828, believed to be the oldest surviving current affairs magazine globally. Notable past editors include former British Prime Minister Boris Johnson from 1999 to 2005.