GB News - Cuts Incoming

For some reason, the perpetually thirsty Paul Staines and his rabble at the Guido Fawkes blog, usually so keen to report anything and everything happening at Gammon Broadcasting™ News (“Bacon’s News Channel”), have come over all silent on the subject. Their last post mentioning GB News was on the 26th of last month. Cat got your tongue, O Great Guido?

Or maybe not

What the Fawkes folks know all too well, but the rest of us are just beginning to notice, is that GB News is in deep financial trouble - that is, it will be as soon as one or more of its backers ceases to be prepared to see their money sprayed up the wall. Losses in the year to 2023 had grown from 2022’s £30.7 million to a whopping £42.4 million. This year is unlikely to be any better.

On top of that, Paul Marshall, one of those looking on as his money is sprayed up the wall, has apparently decided to join the bidding war for the bundle containing the increasingly desperate and downmarket Telegraph and the increasingly alt-right Spectator magazine. As a result, he is, it seems, about to quit the board of the company that owns the broadcaster.

This from Sky News: “Sir Paul Marshall, the hedge fund tycoon, is preparing to step down from the board of GB News' parent company as he eyes a renewed bid to acquire The Daily Telegraph. Sky News has learned that Sir Paul, the co-founder of Marshall Wace and largest shareholder in the television news channel, is expected to hand over his board seat at All Perspectives to Lord Agnew, chair of the UnHerd Ventures vehicle”.

Do go on. “The potential board changes at All Perspectives come as GB News prepares to make an unspecified number of job cuts as part of a corporate reorganisation. Employees were informed about a round of prospective redundancies at a meeting on Tuesday, according to insiders”.

There was more. “GB News remains heavily loss-making, although it has been gaining momentum with its audience figures in recent months, boosted in particular by the former UKIP leader Nigel Farage's role as a presenter on the channel”. The Mr Thirsty effect. But there was a downside.

“[GB News] has been at loggerheads for months with Ofcom, the media regulator, over its use of prominent politicians as presenters … Ofcom concluded last month that GB News had breached impartiality rules, but that it would not impose sanctions”. Also, “In 2022 … Discovery sold its 25% stake for £8m … implying a 60% reduction in the company's value at the time … Spokespeople for GB News and Sir Paul declined to comment on Thursday”.

So who might be for the chop? Hmmm, that’s an interesting one. Farage they need for brand recognition, as well as his ability to talk well, but lie badly. After economics editor Liam Halligan left, other specialist pundits may follow - those like the low moaning sound of “royal” specialist Angela Levin, and former replacement teaboy to the Great Guido, Tom Harwood.

Maybe some of those Tory MPs, whose presence suggests there is a more serious connection between The Blue Team and GB News, could be for the chop. Or former Tory MPs, like 30p Lee Anderson. After it was revealed by Byline Times - small wonder the likes of The Great Guido hate them - that the Government is spraying taxpayers’ money up the wall on GB News advertising, there may have to be even more cuts if that tap is turned off.

How much taxpayer money? “Despite GB News often platforming racists and conspiracy theorists, and facing record numbers of Ofcom investigations, more than £1 million of UK taxpayer money has been spent on almost 10,500 ads since the channel launched in summer 2021”. That much.

So far, the official stance is to talk up the broadcaster’s prospects. Last December, “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.’” Very brave words, Minister. Brave but utterly futile. GB News is bust.

They thought they’d won the war when the Murdochs pulled the plug on TalkTV. The reality was that they were next. Just rejoice at that news.

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