By Paul Sandle
LONDON (Reuters) -British hedge fund founder Paul Marshall has bought The Spectator political magazine for 100 million pounds ($131 million), seller RedBird IMI said on Tuesday.
The title, which is influential in Conservative circles and was previously edited by former Prime Minister Boris Johnson, was put up for sale alongside the Daily Telegraph and Sunday Telegraph in June after Britain blocked Abu Dhabi-backed RedBird IMI from owning them.
Marshall, chief investment officer of global hedge fund Marshall Wace, bought the magazine via his Old Queen Street Media (OQS) vehicle, which already owns online magazine UnHerd.
He is also a backer of right-wing TV channel GB News.
“As a long-term Spectator reader, I am delighted it is joining the OQS stable,” he said.
“The plan is for OQS to make good previous under investment in one of the world’s great titles.
“I am confident that OQS will be a fine custodian, building on the Spectator’s values and successful track record.”
OQS said UnHerd and The Spectator would remain fully separate, with independent editorial and governance structures.
RedBird IMI also said The Telegraph titles had received strong interest from bidders globally. Second-round bids are due later this month.
RedBird IMI Chief Executive Jeff Zucker said the group had aimed to find a viable buyer for The Spectator and to complete a transaction that made strong economic sense.
“We were committed to moving quickly and capitalising on the strength of the asset and the significant interest from an eager marketplace,” he said in a statement.
“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.”
Marshall is also interested in the Telegraph, sources have previously said.
($1 = 0.7635 pounds)
(Reporting by Paul Sandle; Editing by Catarina Demony, Elizabeth Piper and Christina Fincher)
