Skip to content Skip to Search
Skip navigation

Abu Dhabi-backed RedBird IMI sells The Spectator for $131m

By Gavin Gibbon
Redbird Spectator Alamy/Ben Queenborough
Spectator editor Fraser Nelson. The magazine, now approaching its 200th anniversary, is the oldest in the world
  • Buyer is hedge fund boss Paul Marshall
  • Marshall is joint owner of GB News
  • Telegraph newspapers still for sale

RedBird IMI, a US investment group backed by Abu Dhabi’s International Media Investments, has sold the British magazine The Spectator to hedge fund boss Paul Marshall.

The deal with Marshall, through his Old Queen Street Ventures fund, was worth £100 million ($131 million).

Marshall is co-founder and chief investment officer of the global hedge fund Marshall Wace, which has assets under management of $67 billion. 

Person, Electronics, Mobile Phone

Newsletter
Get the Best of AGBI delivered straight to your inbox every week

He is also joint owner of the right-wing TV station GB News.

The Spectator was first published in 1828, making it the oldest surviving magazine in the world, and is currently edited by Fraser Nelson.

Last year, RedBird IMI repaid the debts held by the Barclay family, the owners of the British Telegraph Media Group, including a £600 million loan, which effectively gave it control of the Telegraph newspaper titles, the Daily Telegraph and Sunday Telegraph, and The Spectator.

However, it backed out of plans to acquire the centre-right Telegraph Media Group in May, after the UK government blocked the deal, passing legislation that prevented foreign governments from owning British newspapers and news magazines.

“The next phase of the sale of the Telegraph Media Group continues with strong interest from UK and international groups,” said Rani Raad, CEO of IMI.

IMI owns the UAE newspaper The National, Sky News Arabia and Al-Ain News.

Potential buyers of the Daily Telegraph and Sunday Telegraph have been given until September 27 to submit revised offers for the publications, which are believed to be valued at between £500 million and £700 million.

There remains a possibility Marshall will also buy the two newspaper titles, although there is strong competition and a deal is likely to take longer to complete.

Other parties to have declared an interest in the two newspaper titles include the Belgian media group Mediahuis, News UK, owned by Rupert Murdoch, which already owns three British newspapers, The Times, the Sunday Times and the Sun, and the UK-listed National World, which owns more than 100 newspapers around the UK, including The Scotsman, the Yorkshire Post and the Belfast News Letter.

The Conservative peer Lord (Maurice) Saatchi and a consortium put together by Nadhim Zahawi, the former UK Chancellor of the Exchequer, are also thought to hold an interest. However, there are believed to be even more potential bidders who have not gone public.

In May, RedBird IMI acquired All3Media, the UK’s largest independent TV production company, which was behind hits such as Fleabag, The Traitors and Gogglebox.

The £1.15 billion deal was the largest for RedBird IMI to date, the company said in a statement.

Latest articles

Gulf airlines, Gulf airlines conflict, Gulf conflict risk, Gulf flights cancelled rerouted

Conflict risk leads Gulf airlines to cancel regional routes

Gulf airlines are among airlines that have cancelled and rerouted flights across the Middle East as the conflict between Iran and Israel escalates. They are avoiding Iranian airspace and many have cancelled routes entirely following a major missile attack by Iran against Israel on Tuesday. Immediately after the attacks about 80 flights operated by carriers […]

Taaleem's schools offer 'exclusive educational experiences' including access to high-tech equipment profits

Dubai school operator Taaleem increases profit by 55%

Dubai school operator Taaleem has reported revenue of AED945.2 million ($257.3 million) for its 2023-24 financial year – a 15.5 percent year-on-year increase. More student enrolments and the opening of new schools helped Taaleem to increase net profit before tax by 55 percent, to AED182 million, in the financial year ending August. Taaleem’s shares were […]

Shein IPO

Mubadala-backed Shein courts investors before London IPO

Chinese fashion retailer Shein, which is backed by the Abu Dhabi sovereign wealth fund Mubadala, is courting European investors before an initial public offering on the London Stock Exchange. Shein is due to hold informal meetings to answer questions and test the investment appetite of major investors in the coming weeks, before its planned IPO […]

Workers stand on a scaffold in Dubai. Building a high rise in the UAE can be as much as two thirds cheaper than in other major cities

Apartments in UAE among cheapest to build in the world

Building a standard residential high-rise in Dubai or Abu Dhabi is up to two-thirds cheaper than in other major global cities, thanks to land, labour and raw materials all costing much less. Land is up to three times cheaper in the UAE compared with the prices paid in New York, London, Hong Kong and Singapore […]