GB News’ total losses are now more than £100,000,000 since the channel launched.
Despite doubling its revenues in the past years, the broadcaster still made a loss of £33.4m in the 2023/24 financial year, according to its newly-filed accounts with Companies House.
Although this is down on its losses from the year before (£42.4m), it means the right-wing channel, whose presenters include Reform UK leader Nigel Farage, has now lost a total of £105.9m since its launch in June 2021.
GB News’ revenue had more than doubled last year from £6.6m to £15.7m, and a source told the Press Gazette that the channel was still “focused on its mission to become the UK’s largest news channel by 2028.”
The broadcaster employs the likes of Reform UK leader Nigel Farage and former Tory MP Jacob Rees-Mogg as presenters, and last year was fined £100,000 by Ofcom for breaking its impartiality rules.
This was just the latest instance of GB News breaking the Ofcom’s rules, with the channel having found itself in hot water with the watchdog on several occasions.
In September 2023, GB News was also at the centre of controversy after then-presenter Laurence Fox made misogynistic on-air comments about female journalist Ava Evans. This became the most complained-about TV event of the year, and Fox was subsequently sacked by the broadcaster.
GB News has been boycotted by many major advertisers since its launch, with a number of brands and companies saying they disagree with the channel’s values.
The channel is owned by All Perspectives Ltd, a holding company backed by hedge fund millionaire Sir Paul Marshall and investment firm Legatum as well as other backers.
The total investment provided by All Perspectives Ltd to GB News increased from £83.8m to £117.9m as of the end of its financial year, City AM reports.
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