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GB News owner pumps in further £41mn in funding as losses widen

Vehicle backed by hedge fund tycoon Paul Marshall steps in as right-leaning broadcaster increases number of staff

GB News owner All Perspectives, the group backed by hedge fund tycoon Paul Marshall, has been forced to provide a further £41mn in funding to cover operating costs at the lossmaking broadcaster.

GB News revealed a pre-tax loss of £42.4mn in its 2022/23 accounts published at Companies House on Tuesday, a sharp increase in losses from £30.8mn the year before.

The right-leaning broadcaster launched in 2021 with backing from Marshall, who owns more than a third of All Perspectives, alongside Legatum, a Dubai-headquartered investment firm, which also owns a large stake. All Perspectives is now owed £83.8mn by GB News after the group agreed to provide a further £41mn during the course of the year, according to the accounts.

Other directors of All Perspectives include City executive Baroness Helena Morrissey and George Farmer, the son of ex-Conservative party treasurer Lord Farmer and a former chief executive of Parler, the conservative social media site, which has now closed.

Marshall and GB News did not respond to requests for comment.

https://www.ft.com/content/42e2dee8-...f-248bb9403387