Sir Paul Marshall, a hedge fund tycoon and major investor in GB News, has acquired The Spectator for a whopping £100m, beating out around 20 other bidders for the right-leaning magazine. The magazine, once edited by former Prime Minister Boris Johnson, went back on sale in April after a bid to buy it along with the Daily Telegraph and the Sunday Telegraph collapsed due to government intervention.
The deal marks Sir Paul’s continued efforts to build an empire of right-wing media outlets, with the Telegraph newspapers still up for sale and him being in the running to acquire those as well. The announcement of the acquisition led to the resignation of Spectator chairman Andrew Neil, who had previously expressed concerns about hedge funds owning news publications due to potential conflicts of interest.
Established in 1828, The Spectator is one of the oldest politics and current affairs magazines in the world. Sir Paul, through his Old Queen Street (OQS) media group, expressed his delight in acquiring the magazine and plans to invest in it to enhance its standing as a premier title in the industry.
Who is Sir Paul Marshall? The billionaire businessman started his career in the City and co-founded a hedge fund in 1997. Known for his philanthropy and political affiliations, Sir Paul has made significant contributions to education and social entrepreneurship. He has also been involved in various political parties over the years, with his support for Brexit and investments in media outlets like GB News drawing attention.
Current Spectator editor Fraser Nelson expressed confidence in the new owner, highlighting the importance of having someone willing to invest in the publication while safeguarding editorial independence. The sale of The Spectator and the Telegraph papers came after the Barclay family, the long-time owners, failed to repay a loan, leading to the publications being put up for sale.
As the media landscape continues to evolve, the government is considering recommendations on media mergers to ensure the availability of diverse and high-quality news sources. The acquisition of The Spectator by Sir Paul Marshall signifies a new chapter for the esteemed magazine, with potential for growth and development under its new ownership.
