Paul Marshall: The Billionaire Who Wants to Revolutionize the British Media Landscape

In the heart of London’s Westminster district, the center of British political power, a 60-meter stretch embodies the ambitious plans of Paul Marshall to shape the future of conservatism in Britain—and the substantial hedge fund wealth he employs toward this end. At the beginning of Old Queen Street stands the headquarters of Marshall’s media project, UnHerd, in a stately townhouse. Just a minute further lies the newest addition to his empire: The Spectator magazine—the world’s oldest continuously published weekly magazine, which Marshall recently acquired for £100 million ($131 million). This considerable sum was spent on a magazine that, in 2022, posted a pre-tax profit of only £2.6 million. That same year, The Spectator had an average of 93,000 subscribers in the United Kingdom and achieved record revenues of £20.8 million. However, economic gain does not seem to be Marshall’s primary motive. The 65-year-old entrepreneur has been building his influence in the media industry for years. Through his Old Queen Street Ventures Ltd., he is a backer of GB News, a news channel aiming to position itself as the British version of Fox News. With the acquisition of The Spectator, Marshall gains immediate credibility within the establishment and solidifies his status as one of Britain’s most influential media owners. According to Claire Enders of Enders Analysis and Jacob Schmidt of Regent’s University London, the purchase of the right-leaning Spectator is primarily aimed at exerting influence over the Conservative Party. Schmidt believes Marshall will play a more significant role in reshaping the Tory party, with the media being a crucial factor. Prominent billionaires like Jeff Bezos, John Henry, and Patrick Soon-Shiong have also invested in media ventures to gain political influence. Marshall, whose political trajectory is complex, shifted his support to the Conservative Party post-Brexit and has become an influential backer of right-leaning media in Britain. Marshall Wace LLP, the hedge fund firm founded by Paul Marshall and Ian Wace, is one of the largest in Europe and has doubled its managed assets to about $68 billion since 2016. While Wace shuns the limelight, Marshall serves as the public face of the firm. Marshall also has his critics, including Andrew Neil, chairman of The Spectator, who voiced concerns about Marshall’s hedge fund involvements and their potential impact on The Spectator’s coverage. Jeff Zucker, CEO of RedBird IMI, also deemed Marshall unsuitable for newspaper ownership. Together with his wife Sabina, Marshall has maintained close ties with Britain’s political elite over the years. Their joint book project, "The Orange Book: Reclaiming Liberalism," documents his earlier liberal views before sharpening his conservative profile following Brexit. Marshall is likely eyeing further media acquisitions, including The Telegraph newspaper. Should he succeed, he could become one of the world’s most politically influential hedge fund managers.