GB News investors have shouldered total losses of £76m since the channel launched in 2021.
GB News has begun a round of redundancy, seeking to cut 40 roles, amid an operating loss of £42.4m.
Chief executive Angelos Frangopoulos announced the redundancy plans to staff last week, with Press Gazette reporting: “The business is currently appealing for staff open to taking voluntary redundancy to come forward, offering up to two months’ salary and possible payment in lieu of notice as enticement.
“One staffer at the channel told Press Gazette there was “a real ‘last days of Saigon’ vibe in the office right now”.
The right-wing channel announced last month that its operating losses had grown 38% to £42.4m in the year to May 2023.
GB News investors have shouldered total losses of £76m since the channel launched in 2021.
News of the redundancy also comes as Paul Marshall, one of its major bankrollers, is set to quit its board amid planned redundancies.
GB News is owned by All Perspectives Ltd, a holding company backed by hedge fund millionaire Marshall and investment firm Legatum, amongst others, with Marshall pumping millions into the channel.
Sky News has reported that Marshall, the hedge fund tycoon, is preparing to step down from the board of GB News’ parent company as he eyes a renewed bid to acquire The Daily Telegraph.
Basit Mahmood is editor of Left Foot Forward
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