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 Abu Dhabi-backed RedBird IMI was blocked from owning the newspapers by the British government.
Marshall, chief investment officer of the $66.6 billion global hedge fund Marshall Wace, will add the magazine, bought by his Old Queen Street Media vehicle, to his existing right-wing media outlets.
He was one of the founders of news website UnHerd and a backer of TV channel GB News.
The Telegraph titles had received strong interest from bidders globally, RedBird IMI said. Second round bids for the titles are due later this month.
Marshall is also interested in the Telegraph, sources have previously said.
RedBird IMI Chief Executive Jeff Zucker said on Tuesday 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.”
