(Bloomberg) -- Hedge fund manager Paul Marshall’s interest in acquiring the UK’s Telegraph newspaper group is cooling, according to people familiar with the situation.

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The billionaire chairman of Marshall Wace LLP doesn’t plan to continue actively pursuing a takeover of The Daily Telegraph and Sunday Telegraph, the people said. He’s currently focused on his recent purchase of the politically influential Spectator magazine, according to the people, who asked not to be identified because the information is private.

Second-round bids for the Telegraph are due Friday, the people said. Citadel’s Ken Griffin had earlier discussed supporting a potential bid by the British hedge fund boss, Bloomberg News has reported.

Marshall could still decide to reenter the race at a later date, the people said. A spokesperson for Marshall said he was “still in the process,” declining to comment further. Sky News reported Marshall’s plans earlier Friday, citing unidentified people.

Marshall snapped up the Spectator magazine earlier this month for £100 million ($134 million) as part of the same auction. It also leaves a smaller number of potential bidders for the right-leaning newspaper group given Marshall was viewed as one of the front runners to buy the titles.

Others that have expressed an interest in bidding include New York Sun owner Dovid Efune, according to the BBC, and David Montgomery’s National World Plc.

Current owner RedBird IMI, the investment firm run by former CNN boss Jeff Zucker, has been forced to offload the Telegraph and Spectator after a backlash over its ties to the UAE. The firm is a joint venture between RedBird Capital Partners and UAE Deputy Prime Minister Sheikh Mansour bin Zayed Al Nahyan’s IMI.

RedBird IMI and its bankers are hoping to recoup more than £500 million from the sale of the Telegraph.

Marshall has been busy since buying The Spectator, installing former Conservative minister Michael Gove this week as its new editor.

A RedBird IMI spokesperson declined to comment.

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