(Bloomberg) -- RedBird IMI doesn’t plan to acquire Britain’s Spectator magazine until after a government investigation focused on its proposed acquisition of the Telegraph newspaper is complete, according to two people familiar with the matter.

The Abu-Dhabi backed media investment firm is in line to swap debt for ownership of both British conservative media titles, thanks to an option on a £600 million ($761 million) loan to the Barclay family. The loan will allow the family to pay off debts to Lloyds Banking Group Plc.

The UK government on Thursday ordered an investigation into the potential change in ownership of the larger Telegraph Media Group, citing the need to ensure “the accurate presentation of news and free expression of opinion in newspapers.” 

The Spectator is not explicitly subject to that government probe. Still, RedBird IMI is planning to hold off on taking control of the magazine anyway, the people said, asking not to be named because the discussions are private. 

The Spectator is the world’s oldest weekly magazine and, like the Telegraph, has close influential ties to the ruling Conservative Party. 

RedBird IMI previously said “any transfer of ownership will of course be subject to regulatory review.” Culture Secretary Lucy Frazer on Friday formally blocked any change of ownership of the Telegraph while the government investigation is ongoing.

Representatives for Lloyds and RedBird IMI declined to comment.

Read More: UK Probe of Abu Dhabi-Backed Telegraph Bid Extends Takeover Saga

RedBird IMI, led by former CNN boss Jeff Zucker, is a joint venture between New York-based RedBird Capital Partners and Sheikh Mansour-backed International Media Investments.

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