Hedge fund tycoon and major GB News investor Sir Paul Marshall has successfully acquired The Spectator for £100 million, emerging victorious among 20 bidders. The right-leaning magazine, formerly edited by Boris Johnson, is a significant addition to Marshall’s growing portfolio of conservative media outlets.

The sale comes after The Spectator was placed on the market in April, following a collapsed bid from an Abu Dhabi-backed consortium. This move was prompted by government intervention in January and new legislation barring foreign states from owning UK newspapers.

Marshall’s purchase signals his intention to build an extensive right-wing media empire. He is also in the running to acquire The Telegraph newspapers, which remain up for sale. Other potential bidders for the Telegraph include Rupert Murdoch’s News UK and former Chancellor Nadhim Zahawi.

The announcement of the deal has led to the resignation of The Spectator’s chairman, Andrew Neil, who previously stated that he would step down once a new owner took over. Neil, who had long opposed hedge fund ownership of news outlets, cited concerns over conflicts of interest.

Marshall, worth an estimated £875 million, is known for his financial success and philanthropic endeavors. He co-founded the hedge fund Marshall Wace in 1997, with initial backing from investor George Soros. Politically, Marshall has shifted from being a Liberal Democrat to a staunch supporter of the Conservative Party and Brexit, even contributing to the £100,000 in funding for the Leave campaign.

In addition to his financial acumen, Marshall has been active in education and philanthropy, co-founding the children’s charity ARK and setting up the Marshall Institute for Philanthropy and Social Entrepreneurship. He was knighted for his services in 2016.

Despite a recent controversy involving anti-Muslim sentiments on social media, which Marshall apologized for, the acquisition of The Spectator further strengthens his influence in the media landscape.

The Spectator, which had been seized by Lloyds Banking Group from the Barclay family due to a loan default, was previously valued at around £600 million when sold to RedBird IMI before the government’s legislative intervention halted the deal.

Fraser Nelson, the current editor of The Spectator, expressed confidence in Marshall’s ownership, emphasizing that the new proprietor supports editorial independence and journalistic integrity.

The acquisition is part of a wider shift in the UK media landscape, with Marshall’s growing media presence raising questions about the balance of media ownership and its impact on news diversity.