GB News has bagged £60 million of fresh investment after Hollywood giant Warner Bros. Discovery flogged its stake in the right-wing broadcaster.
Sir Paul Marshall and Dubai investment firm The Legatum Group have bought out the US entertainment giant – as well as Andrew Cole and Mark Schneider, two GB News co-founders.
Chairman Alan McCormick, a partner at Legatum, said the investment was “testament to our confidence in the momentum and trajectory of GB News after a very strong first year”.
He added: “Our additional investment means the channel will embark on robust and exciting plans for the next stage of its growth and development.”
And it looks as though the £60 million war-chest will be splashed on its presenting roster, with a number of big names rumoured to be joining the rabble-rousing network.
Camilla Tominey, the associate editor of The Telegraph, and Daily Mail commentator Andrew Pierce have been poached from LBC.
Michael Portillo, the ex-Tory cabinet minister, will also join from Times Radio to support GB News’ political coverage and present a new programme.
Addressing the cash injection, chief executive Angelos Frangopoulos said: “We’ve already employed more than 200 journalists and now we’ll invest more deeply in a number of areas, including a new digital product suite, our technology and studio, subtitles, additional distribution platforms, and exciting new talent.”
GB News has fought off a challenge from Rupert Murdoch’s TalkTV, which has struggled for viewers.
Nigel Farage’s 7pm show secured 64,000 viewers on 28 July, while its 8pm slot drew 46,000 viewers. BBC News attracted 72,000 and 58,000 viewers respectively.