RedBird IMI sells UK's Spectator magazine for £100m

Joint venture of US and Abu Dhabi investors sells news magazine to businessman Paul Marshall

The Spectator was sold in a separate purchase from the ongoing bidding for the Telegraph Media Group. The National

British news magazine The Spectator has been sold to businessman Paul Marshall by US-UAE joint venture RedBird IMI.

The right-leaning magazine was sold for £100 million ($131 million) in a deal conducted separately from the intended sale of the Telegraph Media Group.

Both titles were owned by the Barclay family until their debts were acquired last year by RedBird IMI, a joint venture between RedBird Capital Partners in New York and Abu Dhabi company International Media Investments, which owns The National.

RedBird IMI had proposed the acquisition of The Spectator and the Telegraph Media Group after taking on their debts from the Barclay family, but the UK government launched legislation in March limiting foreign ownership of newspapers. The previous owners lost control of the titles to Lloyds Bank last year.

Telegraph auction

RedBird IMI said the sale of The Spectator to Mr Marshall's Old Queen Street Media was a milestone in its commercial strategy. It said in a statement that the Telegraph auction was under way with strong interest from bidders globally.

"We are pleased this process was completed swiftly and smoothly, maximising value and providing certainty to The Spectator staff and their growing readership," said IMI chief executive Rani Raad. "The next phase of the sale of the Telegraph Media Group continues with strong interest from UK and international groups."

Jeff Zucker, chief executive of RedBird IMI, said the sale accomplished its aim of finding a viable buyer for The Spectator and "makes strong economic sense". He said the company expects to "have the same success as we pursue a buyer for the Telegraph Media Group".

Mr Marshall, The Spectator's new owner, is an investor in TV channel GB News and owner of the website UnHerd. Financial advisers including Raine, Robey Warshaw and Moelis & Company were involved in the sale.

RedBird IMI acquired UK production company All3Media for £1.15 billion in May. IMI also owns Sky News Arabia, Al Ain News and CNN Business Arabic, and has a minority stake in Euronews.