LONDON — Hedge fund investor Paul Marshall has bought The Spectator, one of the oldest political magazines, for $131 million, those in the sale said Tuesday.

Marshall is already the co-owner of U.K. television’s GB News, which launched three years ago as a right-leaning, Fox News-style channel.

His takeover of The Spectator came after the U.K. government blocked a United Arab Emirates-backed consortium from buying the Telegraph Media Group, which owns the Daily Telegraph and Sunday Telegraph newspapers and The Spectator. The publications are closely allied to Britain’s Conservative Party.

The media group, previously owned by the Barclay family, was put up for sale to help pay off the family’s debts. — Associated Press