Redbird IMI sells The Spectator to Sir Paul Marshall for £100m

Redbird IMI has sold The Spectator magazine, part of the Telegraph Media Group, to hedge fund magnate Sir Paul Marshall’s Old Queen Street (OQS) Media for £100m.

OQS Media owns and operates the online magazine UnHerd, the Old Queen Street Café, the UnHerd Club and CoEditor Limited, a publishing technology startup.

Sir Paul Marshall, also a GB News shareholder, owns OQS Media through his investment firm, Old Queen Street Ventures, through which the deal took place.

Jeff Zucker, chief executive of Redbird IMI, said: “Our aim with this phase of the process has been to secure ownership from a viable buyer for The Spectator, as well as complete a transaction that makes strong economic sense on our end. 

“We were committed to moving quickly and capitalizing on the strength of the asset and the significant interest from an eager marketplace. 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,” he added.

Abu Dhabi-backed investment fund Redbird IMI said the “competitive” auction for the Telegraph title is still underway and has attracted “strong interest” from bidders worldwide.

Sir Paul Marshall, chairman of OQS Media, said: “As a long-term Spectator reader, I am delighted it is joining the OQS stable. The plan is for OQS to make good previous underinvestment in one of the world’s great titles. 

“I am confident that OQS will be a fine custodian, building on the Spectator’s values and successful track record.”

OQS Media said UnHerd and The Spectator will remain as separate titles, with independent editorial and governance structures.

Several other bidders, including media tycoon Rupert Murdoch, had shown interest in The Spectator before the deadline set by Redbird IMI’s advisers in July.

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

The Telegraph and The Spectator magazine were put up for sale last year after Lloyds Banking Group seized them from the Barclay family, who defaulted on a more than £1bn load.

Lloyds kicked off an auction process but, in an eleventh hour bid, the Barclay family settled their debt with funds from Redbird IMI, a joint venture between private equity firm Redbird Capital Partners and International Media Investments (IMI), a global media company based in Abu Dhabi.

Earlier this year, however, the UK government thwarted an attempt by Redbird IMI to buy the papers, so they were put back up for auction.