GB News investor Paul Marshall buys Spectator magazine for £100m
Sir Paul Marshall has bought The Spectator magazine from Abu Dhabi-backed fund RedBird IMI for £100 million, the company has announced.
The GB News investor, who had been in talks to buy the world’s oldest magazine, is also looking to purchase The Telegraph and The Sunday Telegraph.
The takeover, which has been completed through the multi-millionaire’s Old Queen Street Ventures company, comes after a lengthy auction process to find a new owner.
The Spectator and fellow media business Telegraph Media Group (TMG) were both owned by the billionaire Barclay family until last year.
The businesses were put up for sale to help pay off debts from the family to lenders at banking firm Lloyds.
They were sold to media consortium RedBird IMI, a group backed by the United Arab Emirates and US investment firm RedBird, through a call option worth £600 million.
But in March, the UK Government forced RedBird IMI to put the media businesses back on the market after launching legislation blocking foreign states from owning UK newspaper assets.
Jeff Zucker, chief executive of RedBird IMI, said the sale aimed to secure a viable buyer for The Spectator and complete a transaction that “makes strong economic sense on our end”.
“We were committed to moving quickly and capitalising on the strength of the asset and the significant interest from an eager marketplace,” he said.
“We have accomplished all of that with OQS Media and expect to have the same success as we pursue a buyer for the Telegraph Media Group.”
Last month, RedBird IMI started exclusive talks with Sir Paul, who also backs the Unherd publication, over a takeover deal for The Spectator.
Sir Paul is also among the potential suitors seeking to buy TMG, as part of a consortium backed by US billionaire Ken Griffin.
“As a long-term Spectator reader, I am delighted it is joining the OQS stable. The plan is for OQS to make good previous underinvestment in one of the world’s great titles,” Sir Paul said.
“I am confident that OQS will be a fine custodian, building on The Spectator’s values and successful track record.”
Freddie Sayers, editor-in-chief of Unherd and CEO of OQS Media, said: “The Spectator is an iconic British media brand and one of the great publications of the English language, representing a wit, intelligence and playful articulation of important principles that has no equal.
“It is a very different publication to UnHerd, with its own politics, atmosphere and interests, and we are committed to helping both publications develop independently — alongside Apollo, the international art magazine that will also join the group.
“Our ownership will not only add energy, global ambition, and digital innovation, it will invest in journalism and be committed to the highest standards, with a dedication to the core principles which underpin a free press: accurate presentation of news and free expression of opinion.”
