Murdoch eyes up one last deal - Spectator magazine

Rupert Murdoch may have officially stood aside as chair of his media businesses, but he's still eyeing up what could be his last big UK deal: the purchase of the Spectator magazine.

- Jim Waterson

The rightwing magazine, which is due to be auctioned off next month, is said to be a favourite of the billionaire, who used his resignation statement to complain that much of the media is "in cahoots" with elites who have "open contempt for those who are not members of their rarefied class".

He concluded by declaring: "In my new role, I can guarantee you that I will be involved every day in the contest of ideas." Although the Spectator has a relatively small readership, its influence means it is a prize bauble for a rich individual - and one that could shape the future of the Conservative party.

It is all part of a game of interlinked dealmaking among rightwing media power brokers, after the seizure of the Telegraph and Spectator from the Barclay family by Lloyds bank.

With a sale set for October, different individuals and media companies are trying to work out whether they can afford to buy the titles, and whether regulators and the government will allow them to do so.

One person with knowledge of the discussions about the Spectator said: "People still think Murdoch is the frontrunner and can outbid everyone else. He's got so much cash, it's a trophy prize he's always wanted, you can see it like the end of his career."