The company, which is backed by Sir Paul Marshall and Dubai-based investment firm The Legatum Group, lost more than £30m in its first year on air. Advertising revenues stood at just £3m. Hedge fund chief Sir Paul has also expressed an interest in bidding for The Telegraph, with an auction for the paper ongoing.
Online subscriptions have proved popular with many media outlets amid declining advertising revenues and the impact of Facebook algorithm changes on traffic, which have hit publishers including Mirror and Express owner Reach.
GB News bosses are also weighing up other format changes, including shifting some of the channel’s more controversial hosts to streaming.
The company has other small sources of revenue, including paid access to live events such as Farage at Large, although these are not thought to be significant.
The fledgling broadcaster has faced repeated run-ins with regulator Ofcom over breaches of impartiality rules and its use of sitting MPs as presenters.
Ofcom still has more than a dozen open investigations into GB News. The watchdog has come under scrutiny for its failure to crack down on breaches of broadcasting regulations at the channel.
Issues came to a head in September, when presenter Laurence Fox launched into a misogynistic diatribe on air. Mr Fox and another presenter, Calvin Robinson, have since been fired. A third presenter, Dan Wootton, remains suspended.
Robert Johnson is a UK-based business writer specializing in finance and entrepreneurship. With an eye for market trends and a keen interest in the corporate world, he offers readers valuable insights into business developments.
