Discovery offloads GB News stake as channel builds £60m war chest

discovery offloads gb news stake as channel builds £60m war chest

GB News Discovery TalkTV suffered an ad boycott and found a rival in Rupert Murdoch – Gareth Milner/GB News

GB News has secured £60m of fresh investment as part of an ownership shake-up in which the Hollywood titan Warner Bros. Discovery has sold its stake in the fledgling news network.

Sir Paul Marshall and Dubai investment firm The Legatum Group have bought out the US entertainment giant and GB News co-founders Andrew Cole and Mark Schneider.

The departure of high-profile backers just over a year since GB News launched is the latest upheaval to strike the opinionated news station, which endured a rocky start caused by technical problems, an advertising boycott and the departure of key talent, including chairman and lead presenter Andrew Neil.

However, the cash-injection from two of its existing shareholders will embolden the broadcaster’s attempts to amass an audience big enough to turn a profit and become a credible challenger to the BBC’s 24-hour rolling news channel.

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”.

“Our additional investment means the channel will embark on robust and exciting plans for the next stage of its growth and development.”

The £60m fundraising, which is poised to be completed in the coming weeks, comes as GB News attempts to stiffen its challenge to the BBC and Sky News by splashing cash on its presenting line-up.

Camilla Tominey, the associate editor of The Telegraph, and the Daily Mail’s Andrew Pierce have been poached from Global’s talk radio station LBC. Ms Tominey will become a political presenter, while Mr Pierce will launch his own show later this year.

Michael Portillo, the former Conservative cabinet minister, is also joining from Rupert Murdoch’s Times Radio to support GB News’ political coverage and present a new programme in the autumn.

The Telegraph revealed last week that GB News had outmuscled Mr Murdoch’s TalkTV in a bidding war to secure a more prominent channel slot on Virgin Media.

It is about to move this month from channel 626 to the more prominent 604 slot on the pay TV operator’s channel guide, according to Virgin Media’s website.

discovery offloads gb news stake as channel builds £60m war chest

Angelos Frangopoulos GB News – JULIAN SIMMONDS

On the new fundraise, Angelos Frangopoulos, the chief executive of GB News, 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.”

All Perspectives, the owner of GB News, has been bankrolling the broadcaster’s expansion with £46.5m worth of cash since Spring last year.

GB News has slowly grown an audience to challenge Sky News, while fighting off a challenge from TalkTV that has struggled for viewers.

TalkTV’s The News Desk with Tom Newton Dunn and Piers Morgan Uncensored attracted average audiences of 2,500 and 33,900 in the 7pm and 8pm slots on July 28.

GB News’ 7pm show presented by the former UKIP leader Nigel Farage secured 64,000 viewers, while its 8pm show 46,000 viewers. BBC News brought in an audience of 72,000 and 58,000 across the 7pm and 8pm slots.

Sign up to the Front Page newsletter for free: Your essential guide to the day’s agenda from The Telegraph – direct to your inbox seven days a week.

News Related

OTHER NEWS

Video: Tories at war as ex-minister Nadine Dorries accuses Liz Truss of throwing Chancellor Kwasi Kwarteng 'under a bus' by claiming that he alone was behind decision to scrap 45% tax rate that saves Britain's richest millions 

Read more »

Another Jan. 6? Bolsonaro attacks Brazil’s election, raising fears of violence

Brazilians head to the polls on Sunday for a first round of voting that could mark the beginning of the end for Brazilian President Jair Bolsonaro — and experts are ... Read more »

'You can't be serious' - Steve Parish jokes that Chelsea ace set 'world record' v Crystal Palace

Jorginho, Chelsea, Blues, Stamford Bridge, Premier League Crystal Palace chairman Steve Parish sardonically stated that Chelsea midfielder Jorginho ‘broke the world record’ for fouls without a booking in Saturday’s Premier ... Read more »

3 keys to a Giants win over the Bears

1. STOP THE RUN The Chicago Bears’ 297 passing yards are the least by a team through three games since 1981. The Bears’ 560 rushing yards rank second in the ... Read more »

Man whose bulldog savaged a policewoman as she tried to help him when he lay drunk in a road is banned from owning dogs

Bodeane Rostron was lying in the road in Bolton when PC Murphy spotted himOne of Rostron's bulldogs jumped on her leg and gripped hold of it with its teeth The dog, called Bo-Bo, violently shook her leg and dragged her to the ground In a tearful victim statement she said she has permanent damage to her left leg Rostron is banned from owning dogs in the future and Bo-Bo will be destroyed Rostron was handed a 12-month prison sentence suspended for two years  Read more »

Christian nurse sues controversial Tavistock and Portman NHS Trust for 'forcing racist ideology' on students in lecture entitled, 'whiteness - a problem of our time'

Amy Gallagher, 33, is taking legal action against the Portman Clinic in London The mental health nurse claims the trust forces a 'racist ideology' onto students She said she has been discriminated against on the basis of race and religion  The Portman Clinic is part of the controversial Tavistock and Portman NHS Trust Read more »

Falmouth's The Endless Summer Swim event postponed due to beach sewage warning

Gyllyngvase Beach in Falmouth A popular swimming event in Cornwall has been postponed as a result of a pollution alert. It comes after heavy rain led to widespread sewage warnings ... Read more »

7News sport presenter Abbey Gelmi and AFL star Kane Lambert announce they are expecting their first child

Abbey Gelmi and Kane Lambert are expecting their first child together. The 7News sport presenter, 32, revealed the news in an interview with the Herald Sun on Sunday. ‘While it’s been ... Read more »

Fabrizio Romano details Chelsea plan for Bundesliga raid and star’s gut feeling, as alternative route opens up

RB Leipzig attacker Christopher Nkunku competes for the ball while playing for France, September 2022 Chelsea will try to negotiate a fee Christopher Nkunku before resorting to his RB Leipzig ... Read more »

Shock energy bills leave families in 'complete panic' after new rates update causes glitch

Energy companies have warned that some smart meters may show the wrong information Many families who pay for their energy using a prepayment meter woke up to a shock on ... Read more »

Chiefs star fined after using “disturbing language” last week

Chiefs star fined after using “disturbing language” last week The Kansas City Chiefs ended up taking a surprising loss last weekend to the Indianapolis Colts, and a crucial penalty on ... Read more »

Dimensity 9000+ beats all Snapdragon processors on AnTuTu

AnTuTu has today published the list of the most powerful Android smartphones for September in China. The Dimensity 9000+ SoC outperformed all Snapdragon processors and topped the ranking. So, according ... Read more »

Samsung Galaxy A14 renders leaked, reveal barely any changes in design

For smartphones, you don’t usually see any design changes in succeeding models. That’s because it’s hard to make significant changes without adding to the manufacturing cost. In particular, entry-level devices ... Read more »

Conservative Party chairman tells MPs they will lose whip if they vote against Kwarteng's tax-cutting mini-budget

A series of polls taken this week have shown a massive drop in popularity for the Tories and a record high for Labour following the mini-budget. Read more »

Escaped inmate from Connecticut captured at his birthday party in Georgia

Forenza Murphy, who escaped a halfway house in August, was caught by police in Georgia at his birthday party. Henry County Sheriff’s Office A fugitive on the run from Connecticut ... Read more »

Jets vs. Steelers: Preview, predictions, what to watch for

An inside look at Sunday’s Jets-Steelers Week 4 matchup in Pittsburgh: Marquee matchup Steelers’ defensive line vs. Jets’ offensive line The Steelers lost their star pass rusher, T.J. Watt, to ... Read more »

KPRC 2 Investigates: Judge reprimands body shop owner for failing to pay back victims

HOUSTON – When the law finally catches up to criminals, they may be sentenced to jail or probation. Sometimes they’re ordered to pay what’s called restitution to reimburse their victims ... Read more »

Why Graham Potter dropped Marc Cucurella vs Crystal Palace as Chelsea handed fresh concern

COBHAM, ENGLAND – SEPTEMBER 01: Marc Cucurella of Chelsea reacts during a Chelsea Training Session at Chelsea Training Ground on September 01, 2022 in Cobham, England. (Photo by Harriet Lander ... Read more »

What channel is Leeds United v Aston Villa on today? Kick off time and how to watch

Leeds United succumbed to defeat last time out against Brentford. Following a turbulent international break, Leeds United will return to action to take on Aston Villa in their first game ... Read more »

Gemma Owen flashes her toned midriff in a beige crop top and cargo trousers as she poses for her latest PrettyLittleThing photoshoot... after signing six-figure deal with the brand

Latest news and updates on all of your favourite Love Island contestants Read more »

Mum's 'game-changing' window cleaning hack- 'it took me 53 years to learn'

Cleaning windows can be a bothersome chore, especially when streaks and smudges are left behind no matter how much you buff the glass. However, influencer Karen Shields (@RealKarenContent) has recently ... Read more »

Mets turn to easygoing Chris Bassitt in key series finale vs. Braves

ATLANTA — Some pitchers, in the hours before their starts, refuse to speak to others. They visualize. They concentrate. Maybe they put on earbuds and literally block out the noise ... Read more »

BBC Strictly Come Dancing results leaked as fans say wrong couple sent home

Strictly Come Dancing’s Tyler West and his pro dancer Dianne Buswell The results of the first elimination from Strictly Come Dancing have been revealed just hours after the second live ... Read more »

Gatwick baggage and easyJet chaos as passengers stuck on planes with 'screaming babies'

Flyers complained of long delays in getting off easyJet flights Gatwick passengers were left fuming as they reported hour-long delays to get their luggage back. A number of angry customers ... Read more »

What Happened To The Southern Wind On Deadliest Catch?

Discovery/YouTube Discovery’s pulse-pounding reality series “Deadliest Catch” has been on the air for close to two decades now. And over that span, the series has arguably delivered more high-stakes fishing ... Read more »

Video: Countdown contestant makes history with highest ever score, after cracking show's trademark final conundrum in just THREE seconds - and says he began watching it while suffering from agoraphobia during his GCSEs

Read more »

Nadine Dorries accuses Liz Truss of ‘throwing Kwasi Kwarteng under bus’ over tax cuts

Prime minister provokes fresh row at start of Tory conference Read more »

What channel is Man City v Man Utd on today? Kick off time and how to watch Manchester derby on TV

Manchester United face Manchester City this weekend. Credit: Getty. Manchester City and Manchester United do battle today in the Premier League for what is the first derby of the 2022/23 ... Read more »

Op-Ed: As a new Supreme Court term begins, prepare for the law to move even more to the right

As the Supreme Court begins its new term on Monday, it’s clear that the court’s majority is determined to move the law much further to the right. The last term ... Read more »

'I couldn't believe it!' Elderly driver receives two speeding tickets in two minutes

An elderly driver was fined for two speeding offences that he commited two minutes apart on the same stretch of the road. George Peck, 70, admitted that he does not ... Read more »

Countdown contestant, 21, makes history with highest ever score, after cracking show's conundrum in just THREE seconds - and says he began watching it while suffering from agoraphobia during his GCSEs

University of Worcester student Tom Stevenson beat the show's previous high score of 152 in an episode aired on Thursday, achieving 154 pointsThe 21-year-old from Burford, Shropshire delighted the Channel 4 show's hosts, Colin Murray, Rachel Riley and Susie Dent, with his impressive performance  Solved the conundrum - unravelling the word 'volunteer' to secure record score  Read more »

'It's going to be a journey for us as a family': Marnie Simpson reveals son Oax, four months, has begun his 'overwhelming' treatment for skull muscular disorder

Marnie Simpson has revealed her son Oax has had a helmet fitted after being diagnosed with Torticollis, a skull muscular disorder which causes the head to tilt. The former Geordie Shore star, ... Read more »

Joe Joyce requests Eddie Hearn to call Frank Warren after rejecting Tyson Fury fight

Joe Joyce has called for a fight with Anthony Joshua on December 17th if his planned bout against Tyson Fury falls through. The pair’s respective camps have been locked in ... Read more »

Lost the ball every 2.8 touches: Everton's 15-pass dud failed Lampard vs Saints - opinion

Premier League, Everton, Everton news, Everton latest, EFC news, EFC latest news, EFC update, EFC opinion, Everton opinion, Goodison Park, Toffees Everton are now unbeaten in their last six Premier ... Read more »

Creation, destruction, sensation: Damien Hirst’s burning desire to destroy art worth £10m

Take two cultural phenomena, both designed to confound us, which are now each worth lots of money: the art of Damien Hirst and the equally infamous non-fungible tokens, or NFTs. ... Read more »

Tories at war as ex-minister Nadine Dorries accuses Liz Truss of throwing Chancellor Kwasi Kwarteng 'under a bus' by claiming that he alone was behind decision to scrap 45% tax rate that saves Britain's richest millions

Nadine Dorries , a Boris Johnson ultra-loyalist, slammed successor this morningTruss had laid responsibility for 45p tax rate axe at door of the ChancellorDorries: 'One of Boris Johnson's faults was that he could sometimes be too loyal'Added: 'There is a balance and throwing your Chancellor under a bus isn't it' Read more »

NFL Week 4 predictions: Titans a live underdog vs. Colts

Home team in CAPS: Sunday Titans (+3.5) over COLTS Tennessee has frequently been good to us when occupying the underdog role over the years, and certainly willing to take another ... Read more »

New arts group aims to showcase African artists and aid community cohesion

The African Arts Collective includes artists from across the continent including musicians and dancers. Read more »

Alternative Ibiza is the new pleasure island for reality stars and you’re invited

Over the years, Ibiza has become known for its super-clubs, hedonistic parties and general 24/7 atmosphere, attracting millions of fun-lovers annually. But while the infamous island, which plays host to ... Read more »
Breaking thailand news, thai news, thailand news Verified News Story Network