Hedge fund investor acquires UK's The Spectator magazine for $131 million

London, September 10, 2024. After months of searching for a new owner for one of the world's oldest political magazines, The Spectator, hedge fund investor Paul Marshall has acquired the magazine for £100 million ($131 million). Marshall is already a co-owner of GB News in the UK, which was launched three years ago as a right-leaning news channel.

Previously, the British government blocked a consortium supported by the United Arab Emirates from acquiring Telegraph Media Group, which owns The Spectator. The media group was previously owned by the Barclay family and was sold to repay family debts. A deal had been reached to sell the business to RedBird IMI, but under strong opposition from the British government, the consortium withdrew in March and the government initiated legislation to prevent foreign countries from owning British newspapers and magazines.

Marshall said he is a long-time reader of The Spectator and is pleased with this acquisition through Old Queen Street Media Group and plans to make up for the lack of good upfront investment. Marshall also owns the conservative commentary website "Unherd". Founded in London in 1828, The Spectator is considered the oldest surviving current affairs magazine in the world. Past editors include Boris Johnson, who served as the prime minister of the UK from 2019 to 2022.