Abu Dhabi – UAE | September 10, 2024 : RedBird IMI, a joint venture investment platform focused on global media, entertainment, sports and news content properties, today announced that it has completed the sale of The Spectator magazine to Old Queen Street (OQS) Media. The sale price was £100 million.
The Spectator is one of the world’s oldest politics and current affairs magazines and a globally renowned media brand recognized for its high-calibre journalism.
The successful sale of this historic title is a significant milestone in RedBird IMI’s commercial sales strategy. A further core element of this strategy – the competitive auction for the Telegraph Media Group – is underway and follows strong interest from bidders globally.
Since being launched in December 2022, RedBird IMI has focused on making impactful investments across the media, entertainment and sports landscapes. This year, RedBird IMI studios were nominated for 25 Emmy Awards, signalling the substantial rewards of its investment strategy.
Jeff Zucker, CEO 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.“
Rani Raad, CEO 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.”