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GB News backer and hedge fund tycoon Sir Paul Marshall is set to be announced as the new owner of the “bible” of the Conservative Party, The Spectator magazine, within the next week according to Politico.
Marshall, who also founded the online magazine UnHerd and is a major investor in GB News, has been in exclusive talks to acquire the publication for about a month, Politico reported on Tuesday (3rd September).
The acquisition is said to be getting finalised later this week, though there is a possibility that it could be delayed into next week as legal details are worked through. There is still a small chance the deal could still fall through, according to the outlet.
Marshall would be purchasing The Spectator from Abu Dhabi-backed RedBird IMI for a undisclosed sum, but it will be seen as a ‘trophy’ purchase for a wealthy right-winger.
The acquisition would allow Marshall to compete with News Corp mogul Rupert Murdoch for influence on the squabbling Conservative Party.
RedBird IMI is also in the process of selling The Telegraph, though the sale is understood to be at an earlier stage. The forced sale follows the last Government passing legislation, backed by Labour, to stop the newspaper from being owned or controlled by elements of the United Arab Emirates.
Paul Marshall was also listed among the potential bidders for The Telegraph last month, according to Press Gazette.
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His acquisition of The Spectator is reportedly being pursued through Old Queen Street Ventures, a firm co-directed by UnHerd CEO Freddie Sayers. Until this May, Old Queen Street Ventures was called Unherd Ventures Ltd, alluding to the name of the right-leaning ‘free speech’ comment platform.
Old Queen Street also happens to be the address of The Spectator, as well as Marshall’s current UnHerd outlet, plus the restaurant and private members’ club Old Queen Street Café and the UnHerd Club.
Marshall would likely have significant personal control over The Spectator should the purchase go through, as he has full control over Old Queen Street Ventures.
Marshall’s primary business, the hedge fund Marshall Wace, is a more conventional City outfit.
Politico reported on sources describing Marshall as “bored” and seeking a “new toy.”
Rupert Murdoch was previously said to be interested in purchasing The Spectator as an eye-catching trinket on the mantelpiece. Murdoch’s News Corp may still be interested in purchasing the Telegraph, though it would likely raise competition fears among regulators. Lord Rothermere’s Daily Mail group (DMGT) is also said to be in the running to take over the daily paper.
Tory leadership contenders will undoubtedly be watching closely.
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Extremism Fears
This February, an investigation by anti-racism group Hope Not Hate revealed Sir Paul Marshall had been engaging with far-right, racist and Islamophobic content behind a private Twitter account.
In September 2023, Marshall set his Twitter account (@prcmarshall) to protected mode, removed identifying information, and changed the username to @areopagus123.
Hope Not Hate found that Marshall had liked a tweet from Wall Street Silver suggesting that civil war in Europe is imminent due to the native European population losing patience with “fake refugee invaders”.
He also liked a tweet from Dutch radical right pundit Eva Vlaardingerbroek calling for immediate mass expulsions and closed borders to ensure the survival of European civilization.
And Marshall liked or retweeted 16 tweets from WorldByWolf, an anti-Muslim account, in the first few months of this year, including one predicting a “hot” civil war once the Muslim population reaches 15-20%.
Marshall also appears to be a fan of the increasingly far-right tech bro Elon Musk, liking a post by Musk implying that no more money should be given in aid to Ukraine.
He also liked a post denying definitive scientific proof that CO2 is responsible for global warming over the last 300 years. And he has liked posts from Ashlea Simon, Deputy Leader of the far-right political party Britain First.
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Anti-extremism campaign group HnH subsequently wrote to the Secretary of State and Ofcom raising concerns about Marshall’s potential purchase of the Spectator (and at that point, the Telegraph).
Georgie Laming, Director of Campaigns of HOPE not hate said at the time: “Our investigation calls into question whether Sir Paul Marshall is an appropriate person to play such a major role in our media landscape. He already funds GB News and has set his sights on The Telegraph and The Spectator.
“Ofcom and Lucy Frazer MP should really be taking an interest in this case It has long been clear that GB News, which he co-funds, is actively platforming extreme radical-right views and conspiracy theories.”
In February, a representative for Marshall issued a statement saying “Paul Marshall’s account is private but is nonetheless followed by 5000 people including many journalists.
“He posts on a wide variety of subjects and those cited represent a small and unrepresentative sample of over 5000 posts. This sample does not represent his views.
“As most Twitter/X users know, it can be a fountain of ideas, but some of it is of uncertain quality and all his posts have now been deleted to avoid any further misunderstanding.”
Prior to his hard-right shift, Marshall was a member and funder of the Liberal Democrats. In 2004, he co-edited the influential Orange Book, seen as a manifesto for the free-market centre-right of the party.
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