GB News losses balloon after spending spree on high-profile presenters

GB News’s losses have ballooned to £42.4m despite a jump in revenues as the broadcaster spent heavily on high-profile presenters. The outspoken news channel plunged further into the red in 2023 after losses widened from £30.7m in 2022. Growth in viewing figures led to turnover almost doubling to £6.7m last year, but income remains only a fraction of the channel’s expenses. Losses were fuelled by investment in salaries for high-profile presenters such as Nigel Farage and Jacob Rees-Mogg, who joined in January 2023. GB News’s wage bill surged from £12.7m to £21.2m in 2023, newly filed accounts show. The channel deepened its reliance on billionaire hedge fund investor Paul Marshall, who helped found GB News through a holding company called All Perspectives. Filings on Companies House show that money owed to the parent company almost doubled from £42.8m to £83.8m in the last year alone. Bosses at GB News, which was launched in 2021, stressed that All Perspectives has an “ongoing commitment to funding the operations” of the channel.Details of the company’s finances come after a turbulent year for the right-leading news channel, which has been repeatedly targeted by the media watchdog Ofcom. The most high-profile incident concerned misogynistic on-air...

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