Sir Paul Marshall Acquires The Spectator for £100m, Plans Expansion
GB News owner Sir Paul Marshall has purchased The Spectator magazine for £100m. The deal includes Apollo magazine and aims to invest in journalism and expand readership, particularly in North America.
Sir Paul Marshall, the owner of GB News, has finalized the acquisition of The Spectator magazine in a £100 million deal. The transaction, completed through Marshall's Old Queen Street Ventures, also includes Apollo magazine, a publication focused on visual arts.
The Spectator, established in 1828, holds the distinction of being the oldest weekly magazine in continuous publication in the English language. This historic periodical has now found a new home under the ownership of Marshall, a hedge fund billionaire who co-founded Marshall Wace in 1997.
In a statement regarding the acquisition, Marshall expressed his enthusiasm: "As a long-term Spectator reader, I am delighted it is joining the Old Queen Street stable. The plan is for OQS to make good previous underinvestment in one of the world's great titles."
The new owner has outlined plans to prioritize investment in journalism, with a particular focus on expanding The Spectator's readership in North America. Additionally, Marshall aims to enhance the magazine's offerings in video and audio formats, adapting to modern media consumption trends.
This acquisition marks a significant shift in The Spectator's ownership history. Previously, it was part of a publishing division alongside The Telegraph under the Barclay family, who acquired both publications in 2004. More recently, the titles were briefly held by RedBird IMI, an Abu Dhabi-backed fund led by former CNN president Jeff Zucker.
The sale of The Spectator paves the way for the ongoing auction of The Telegraph newspaper, founded in 1855. Several bidders, including Sir Paul Marshall, are in contention for the prestigious publication. Other potential buyers include National World, led by veteran executive David Montgomery, and a consortium assembled by former Cabinet minister Nadhim Zahawi.
It's worth noting that some high-profile contenders have already withdrawn from the auction. Lord Rothermere, whose family has controlled the Daily Mail since 1922, stepped back due to potential scrutiny on competition and media plurality grounds. Belgian publisher Mediahuis was eliminated in the first round, while a £350 million bid from advertising tycoon Lord Saatchi was rejected.
The £100 million sale of The Spectator means that RedBird IMI will need to secure at least £500 million for The Telegraph to recoup its initial £600 million investment in both titles. The deadline for second-round bids is set for later this month, approximately two weeks from now.
As The Spectator enters this new chapter under Marshall's ownership, the media landscape in the United Kingdom continues to evolve. The acquisition reflects the ongoing changes in the industry, with traditional print publications adapting to digital challenges and seeking new avenues for growth and sustainability.
"I am confident that OQS will be a fine custodian, building on the Spectator's values and successful track record."
This transition in ownership comes at a time when the media industry faces significant challenges and opportunities. As The Spectator looks to expand its reach and adapt to changing reader preferences, it will be interesting to observe how this venerable publication evolves under its new stewardship.
