GB News loses £30million in first year of broadcasting

GB News racked up a pre-tax loss of £30.7m in the year to the end of May 2022.

Nigel Farage on GB News

Right-wing channel GB News made a loss of more than £30 million in its first year on air, amid a fierce battle with TalkTV to attract viewers.

The channel, which is no stranger to controversy, having been found last week to have breached Ofcom regulations over spreading misleading information about Covid-19 vaccines, racked up a pre-tax loss of £30.7m in the year to the end of May 2022.

It also lost one of its major investors last year, Warner Bros Discovery, and sought to invest in a number of high profile presenters in a bid to reverse its fortunes.

Those have included former UKIP leader Nigel Farage, Eamonn Holmes as well as a number of Tory MPs including Jacob Rees-Mogg, Esther McVey, Philip Davies and earlier this month Lee Anderson.

Tatton MP Esther McVey earned £58,650 as a presenter in 2022, at an average of just under £900 per episode.

The latest accounts show that the majority of GB News’ revenues – over £2.9 million – came from advertising.

The broadcaster paid more than £11 million in wages and salaries to its staff during the year. It insists that its directors are “satisfied” with the results for the year and expect growth in the future performance of the company.

How long before GB News goes bust? A number of advertisers have stayed away from the channel over its reputation as the “British Fox News”.

Basit Mahmood is editor of Left Foot Forward

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