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GB News, the right-leaning current affairs broadcaster, is in talks to raise tens of millions of pounds even as it contends with a string of probes by Ofcom, the media regulator.
Sky News has learnt that GB News’ parent company, All Perspectives Limited, is targeting a fundraising worth in the region £30m in the coming months, with discussions already underway about a transaction.
This weekend, City sources said the new funding would probably be injected by existing investors, who are led by the hedge fund billionaire Sir Paul Marshall.
GB News, which competes with Sky News and others including the BBC, launched in 2021 and rapidly built its profile by employing a controversial slate of politicians and firebrand presenters, as well as industry veterans from other broadcasters.
Its most prominent regular presenter is Nigel Farage, the former UKIP leader who is currently appearing on the ITV entertainment programme I’m A Celebrity.
Next month, Boris Johnson, the former prime minister, will join its roster of presenters and commentators to add to his regular column for the Daily Mail.
Responding to an enquiry from Sky News, Angelos Frangopoulos, GB News’ chief executive, said: “GB News is in an accelerated growth phase, beating targets across its platforms.
“We are always evaluating strategic and investment opportunities.”
The company declined to say where the new funding would come from.
The latest GB News capital-raising comes about 15 months after one of the channel’s original shareholders, the US media giant Discovery, sold its 25% stake for £8m.
It had acquired the shareholding in 2020, prior to GB News’ launch, for £20m, implying a 60% reduction in the company’s value at the time.
As part of the Discovery sale transaction, GB News secured £60m of new investment from Legatum Ventures and Sir Paul, who co-founded Marshall Wace, one of London’s most successful hedge funds.
It was unclear on Saturday at what valuation the new capital would…
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