What's happened
Hedge fund tycoon Sir Paul Marshall has acquired The Spectator magazine for £100 million, following a lengthy auction process. The deal comes after a failed bid by an Abu Dhabi-backed consortium, which was blocked by UK legislation prohibiting foreign ownership of British media assets. Marshall aims to enhance the magazine's potential while maintaining editorial independence.
Why it matters
What the papers say
According to the BBC, the acquisition of The Spectator marks a significant shift in ownership, with Sir Paul Marshall stating, "As a long-term Spectator reader, I am delighted it is joining the OQS stable." Meanwhile, Andrew Neil, the former chairman, expressed concerns about the implications of hedge fund ownership, stating, "I made it clear many months ago that I would step down when a new owner took over. That time has now come" (The Independent). The New York Times highlighted Marshall's broader ambitions in media, noting his backing of GB News and the establishment of UnHerd, indicating a strategic move to consolidate right-leaning media outlets under his control.
How we got here
The Spectator was previously owned by the Barclay family until financial difficulties led to its sale to RedBird IMI, a consortium backed by the UAE. Regulatory changes prompted the sale of The Spectator and the Telegraph titles, with Marshall emerging as a key bidder.
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