Hedge fund investor buys UK political magazine The Spectator for $131 million
A hedge fund investor has bought political magazine The Spectator for 100 million pounds or $131 million
LONDON — A hedge fund investor has bought The Spectator, one of the world's oldest political magazines, for 100 million pounds ($131 million) after a months-long search for a new owner for the British publication, those involved in the sale said Tuesday.
Millionaire Paul Marshall is already the co-owner of U.K. channel GB News, which launched three years ago as a right-leaning, Fox News-style alternative to mainstream news channels.
His takeover of The Spectator came after the U.K. government blocked a United Arab Emirates-backed consortium from buying the Telegraph Media Group, which owns the Daily Telegraph and Sunday Telegraph newspapers and The Spectator. The publications are closely allied to Britain's Conservative Party.
The media group, previously owned by the Barclay family, was put up for sale to help pay off the family's debts. A deal was struck to sell the business to RedBird IMI, a consortium backed by U.S. financial firm RedBird Capital Partners and Sheikh Mansour bin Zayed Al Nahyan, a member of Abu Dhabi’s royal family and the UAE’s vice president. The group is run by former CNN chief Jeff Zucker.
But the consortium pulled out in March following strong opposition from the U.K. government, citing concerns about the impact on freedom of expression and accurate presentation of news. Government officials launched legislation to block foreign state ownership of British newspapers and magazines.
Marshall, who also owns the conservative commentary website Unherd, said that he was a “long-term Spectator reader” and that he was delighted with the acquisition through his Old Queen Street media group.
“The plan
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