Billionaire hedge fund titan Paul Marshall, known for his deep pockets and political clout, has snapped up The Spectator for £100 million. Reassuringly expensive…

Marshall, who also founded the news site UnHerd and bankrolls GB News, has now added Britain’s oldest magazine to his media empire through his Old Queen Street Media outfit. Broader political influence is on the horizon…

Emily Maitlis and her outlet The News Agents were celebrating left-wing Hope Not Hate’s “exclusive” discovery of “conspiratorial” tweets from GB News owner Sir Paul Marshall yesterday. Marshall’s offending tweets have now been deleted…

It turns out Maitlis too has in fact been deleting conspiratorial tweets of her own lately. Something about pots and kettles comes to mind…

Maitlis has been lawyered by Wootton over the now-gone tweets. Letters are also being fired out to Byline Times for the original reporting and Carol Vorderman for her extensive tweeting at the time. Wootton’s going after everyone…

The race to capture The Telegraph and associated assets grinds on in fund boardrooms and SW1 back room talking shops. Guido brings you the latest whispers from the rumour mill…

Guido has already reported on Paul Marshall’s potential bid, which could join forces with David Montgomery’s National World bid – though other partners are in the running for Marshall. Other horses rumored or confirmed to still be in the race include:

• DPG Media, a Belgian media company, whose tagline is ‘connecting by touching’. Nice…
• RedBird Capital Partners, a large PE firm with UAE links
• SRMG, the titanic Saudi media arm
• Lord Rothermere and his Associated Newspapers Ltd
• Former Telegraph editor Will Lewis’s consortium

A key talking point is the timetable. Access to the data room has not yet been granted – and most bidders will hold their cards close to their chests until they have inspected the state of the internal numbers. Speculation about the date of the general election may push the timetable forwards – with uncertainty over ownership impacting editorial operations. It will be critical for any buyer to be able to navigate inevitable Competition & Markets Authority interest. Moreover, the winning bid will need a mix of strong capital backing, editorial credibility and to pass the litmus test of media world gossip, Which mainly consists of hundreds of hacks nervously clucking about their jobs.

Guido has not confirmed the rumour that Steve Bannon indicated his interest to the Barclays and was told not to even bother trying to bid. It’ll take an experienced media hand, not just a money man, to pull off this deal…

GB News bankroller and investor, Sir Paul Marshall, is interested in making a bid for the Telegraph Media Group. According to Sky News‘ Mark Kleinman, Marshall has hired investment bankers to advise on the move, although sources “close” to Marshall – who also funds UnHerd – tell Kleinman he “hasn’t yet made up his mind” on the move. Hiring investment bankers suggests he’s got more than just a passing interest…

The Spectator is also in play, although Guido hears Rupert Murdoch has his eyes on that prize. If Marshall wants both, he’ll have to pay up. Even then, the Barclay family are still putting up a fight; The Times reported last month that Nadhim Zahawi is acting as a middle man to help the Barclays retain the titles, with Zahawi himself appointed chairman of the group if he successfully brokers a deal with the UAE. Either way, someone’s going to have to open their wallet…

Rupert Murdoch is reportedly eyeing a bid for The Spectator, now that the coveted title is on the market after Lloyds seized control of the Barclay family’s shares last week. According to a Bloomberg report which Guido has confirmed, Rupert is in London for meetings with senior News UK management, and is keen to add the Speccie to his roster after previously making a £50 million offer around two years ago. He’s wanted it for decades. Next week is a convenient time for him to be in town…

However, there are rumours the Telegraph and the Spectator will be auctioned as a package to sweeten the deal. If that happens, Murdoch’s odds would be much lower. Lloyds said to be asking for around £600 million – much of that in ‘trophy’ value – and the anti-trust nightmare that would come from owning practically every profitable national title apart from the Mail would make it less likely. Guido doubts TMG will go for £600 million if anyone has any commercial sense. If the Spectator is offered separately, Murdoch will open his wallet right away… 

Speculation that DMGT will want to bid is widespread; they handle the Telegraph’s outsourced printing and advertising sales already. The minor monopoly problem of the Mail stable controlling over half the newspaper market could be solved by ridding themselves – one way or another – of the struggling Metro titles and flogging the i newspaper to someone like Mike Danson, the billionaire owner of the New Statesman. It would give him more heft and influence over a Starmer government…

Paul Marshall is another a potential buyer. He’s told allies he’s interested, and bringing UnHerd, GB News and The Spectator under his umbrella would make sense for him. UnHerd’s office is about two doors down from The Spectator’s on Old Queen Street. His spokesperson cryptically tells Bloomberg “it is too early to say anything meaningful and he is merely watching the situation from afar along with everybody else.”

If the Telegraph goes to an open auction, there are likely to be trade bidders who will be focused on the profit and loss account and not over-bidding like the Barclays did. They will sweat the asset.

There will also be other bidders who will view it as a prestige trophy asset giving them influence over public life and politics. Who can afford to pay the price?

Some names in the frame for forming a syndicate include billionaires Peter Hargreaves, Peter Cruddas and Paul Marshall. Arron Banks might be tempted back into the fray in a syndicate. Maybe Narayana Murthy might fancy diversifying out of information technology into media and making the paper’s editorial line more sympathetic to his son-in-law? A look down the list of big Tory donors might give a clue as to potential members of a syndicate…

The Spectator could be spun out from the Telegraph – it makes solid profits (circa £2 million), and could function as a stand alone asset. A management buyout, perhaps with external financial backers, could be a possibility. Lord Ashcroft was rumoured to have contemplated offering £20 million for the magazine some years ago,  Guido suspects it will go for more like double that to a trophy buyer…