GB News is owned by All Perspectives Ltd, a holding company backed by hedge fund millionaire Sir Paul Marshall and investment firm Legatum, amongst others, with Marshall pumping millions into the channel.
Right-wing channel GB News is reporting a 40% increase in losses to over £42 million.
Pre-tax losses at the broadcaster hit £42.4m for the year to the end of May 2023, up from £30.7m a year earlier.
It comes as GB News continues to splash the cash on a number of high-profile presenters, including the likes of Nigel Farage, Jacob Rees Mogg and Boris Johnson. The channel’s wage bill soared to £21.2m last year, from £12.7m in 2022 as the average number of monthly employees rose to 295, up from 175 in 2022.
GB News is owned by All Perspectives Ltd, a holding company backed by hedge fund millionaire Sir Paul Marshall and investment firm Legatum, amongst others, with Marshall pumping millions into the channel.
Marshall was exposed last month for liking and sharing far-right, Islamophobic, homophobic and conspiracy theory posts.
Last year GB News received £41m from its parent company, taking the total it now owes it to £83.8m.
“The company has strong support from its investors and the directors have no reason to believe that the level of these contributions might vary to a significant degree or be recalled before the group has the resources to repay the investment,” GB News said in accounts filed to Companies House.
Basit Mahmood is editor of Left Foot Forward
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