Paul Marshall’s All Perspectives has injected a further £41 million in new funding to cover operating costs at the loss making GB News.
The Financial Times reported Tuesday that the right-wing mouthpiece had posted accounts at Companies House that revealed a loss of £42.4 million in its 2022/23 accounts, a sharp increase on the £30.8 million in 2021/22.
GB News launched in 2021 with backing from hedgefund tycoon Marshall, who owns more than a third of All Perspectives, alongside Legatum, a Dubai-based investment firm, which also owns a significant stake. Discovery Channel, a launch investor, pulled out in 2022.
All Perspectives is now owed £83.8 million by GB News.
Losses may be expected to increase further in an election year that may see a less favourable regulatory regime, should the unpopular Conservative government be replaced by the Labour opposition.
GB News wants to be the UK’s largest news channel by 2028. In its attempts to do so it has increased staff numbers from 175 in May 2022 to 295 in May 2023. These include a number of current and former Conservative politicians, such as Sir Jacob Rees-Mogg and Esther McVey.
The use of such commentators has brought an investigation by Ofcom into the wider use of serving politicians as “on screen talent”.
GB News is also facing a series of Ofcom investigations on due impartiality and yesterday was summoned to its offices by the regulator Ofcom after hosted by Dan Wootton and featuring Laurence Fox amid misogyny allegations against Fox.
