Paul Marshall's media empire reports more big losses

Right wing publishing magnate Paul Marshall may have banked a £651.6 million profit at his hedge fund Marshall Wace last year, but it is very much the opposite story when it comes to the various media interests with which he pumps out praise of Nigel Farage while attacking woke lefties.

According to new accounts filed with Companies House, Marshall has just reported a £12.3 million loss over nine months at Old Queen Street Ventures, the private limited company through which he owns the Spectator and Unherd, among others. The loss, reported for the period to December 31, 2024, takes its accumulated trading deficit to £28.5 million.

Old Queen Street’s balance sheet reported £132 million worth of bills and £104 million in assets as of that time period, with Marshall personally supporting the firm with £125.7 million worth of loans.

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Individual accounts have also been filed for the Spectator and Unherd. The august Spectator magazine and website, now under Michael Gove’s editorship, and which Marshall snapped up via Old Queen Street for a reported £100 million in September 2024, reported a £6.6 million loss on £18.1 million in turnover, while culture war blog UnHerd’s ongoing losses have climbed to a remarkable £13.9 million from £11.7 million.

In addition to all the red ink at those media projects, Marshall is also party to £149 million worth of ongoing losses at All Perspectives, the parent firm of hard right TV channel GB News, where he owns three classes of shares in the firm. His shares and voting rights are reported at more than 25 per cent but less than 50 per cent, meaning Marshall is listed at Companies House as being “a person of significant control” at the Reform propaganda specialists.

The accounts reveal comes shortly after The New World’s probe into how GB News had effectively turned into Reform TV, systematically ignoring Ofcom rules and regulations, giving presenting pulpits to its leading politicians and cheerleading for its policies.

Whopping losses all round for Sir Paul, then – but when you’re as rich as he is (an estimated fortune of £850 million in the Sunday Times Rich List) and your intention is less about making a profit than shifting Britain’s body politic over to the hard right, it is just a drop in the ocean.