Hedge fund tycoon Sir Paul Marshall has snapped up The Spectator political magazine business.
The GB News backer has paid £100 million to buy the influential publication.
The takeover, which has been completed through the multi-millionaire’s Old Queen Street Ventures company, comes after a lengthy auction process to find a new owner.
The Spectator and fellow media business Telegraph Media Group (TMG) were both owned by the billionaire Barclay family until last year.
The businesses were put up for sale to help pay off debts from the family to lenders at banking firm Lloyds.
They were sold to media consortium RedBird IMI, a group backed by the United Arab Emirates and US investment firm RedBird, through a call option worth £600 million.
However, in March, the UK Government forced RedBird IMI to put the media businesses back on the market after launching legislation blocking foreign states from owning UK newspaper assets.