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 the investment firm, Old Queen Street Ventures, which the deal took place through.
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.
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.”
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.
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.”
City A.M. has approached OQS Media for comment.
More to follow