The Spectator’s New Chapter: A Hedge Fund Tycoon Takes the Helm
The Spectator, a venerable institution in British journalism with a rich history spanning 196 years, has recently changed hands. The magazine, renowned for its influential role in British political discourse and its long-standing affiliation with the Conservative Party, was sold to a hedge fund tycoon on Tuesday. This deal, valued at £100 million (approximately $131 million), marks a significant shift in ownership.
Paul Marshall, the new owner, is a somewhat reclusive multimillionaire who co-founded the hedge fund Marshall Wace, which has garnered considerable success. In recent years, he has successfully rebranded himself as a media mogul, expanding his interests beyond hedge funds into various media ventures. Notably, he established Unherd, a platform for news and opinion, and has emerged as a key investor in GB News, a right-wing television channel that commenced broadcasting in 2021. GB News has quickly positioned itself as a voice for hard-right political figures, including Nigel Farage, who hosts his own prime-time talk show on the network.
For over thirty years, The Spectator was under the ownership of a publishing group that also managed The Daily and Sunday Telegraph, both of which are influential newspapers with a Conservative leaning. The Telegraph Media Group was previously owned by the Barclay family until last year. Control of the debt-ridden company then shifted to RedBird IMI, a consortium backed by Sheikh Mansour bin Zayed al-Nahyan, the vice president of the United Arab Emirates, along with American investment firm RedBird Capital, led by media executive Jeff Zucker.
RedBird IMI took over the debts incurred by the Barclay family and sought to finalize its acquisition of both The Telegraph group and The Spectator. However, British regulators intervened, citing concerns regarding antitrust issues and the potential impact on media freedom, ultimately blocking the completion of that acquisition.
