GB News says it expects to reach 96% of UK television households after completing its funding round.
Legatum and Sir Paul Marshall are joining Discovery Inc in the venture that’s being launched by veteran telecommunications executives Andrew Cole and Mark Schneider.
The company is hoping to secure distribution across Freeview/YouView, Freesat, Sky and Virgin Media. A suite of streaming, video on demand and audio services will accompany the linear service.
It wants to bring a different perspective to UK news coverage where it will compete against Sky News and BBC News channel. 140 jobs will be created including 120 journalists.
Legatum’s portfolio includes education, start-ups and financial investments. British businessman and philanthropist Sir Paul Marshall, is investing in a personal capacity. Sir Paul, who was once a donor to the Liberal Democrats gave £100,000 to the Vote Leave campaign in the run-up to the Brexit vote.
Chairman Andrew Neil, who will also host a prime-time programme on GB News, said he was hugely encouraged by the confidence investors had shown in the business.
“We’re thrilled to have such a broad range of high-calibre investors who share our belief that many British people are crying out for a news service that is more diverse and more representative of their values and concerns,” he said.