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 of £30m in the coming months, with discussions already under way 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 be injected.
Boasts about growth at broadcaster
GB News boasts that it is now Britain’s fastest-growing news website, citing figures this week suggesting that its digital audience had risen by nearly 60% in November.
“The numbers prove GB News is simply in touch with British audiences and what matters to them,” Geoff Marsh, its chief digital officer, said.
“Aside from television and our website, we have the fastest-growing news radio station and the fastest-growing news app in the country,” he said.
“On YouTube, we’ve topped a billion views – it took ITV News 17 years to achieve that.”
GB News has in recent weeks launched a paid-for membership service which gives subscribers access to additional content behind a paywall and other benefits.
The broadcaster is currently grappling with more than half a dozen Ofcom investigations, some of which relate to the way it has used serving politicians, such as Sir Jacob Rees-Mogg.
TalkTV, which is part of Rupert Murdoch’s British media portfolio, has also employed serving MPs – including the Conservative Nadine Dorries – as presenters, while LBC, the radio station, has also frequently done so.
Sir Paul, who founded the online opinion platform Unherd, is among the suitors for the broadsheet newspaper, which is now the subject of a government-commissioned public interest inquiry.
RedBird IMI, a joint venture majority-owned by Sheikh Mansour bin Zayed Al Nahyan, is preparing to take control of the Telegraph after exercising an option to convert £600m of a loan to the Barclay family – the newspaper’s long-standing owners – into equity ownership.
Ofcom and the Competition and Markets Authority will submit their reports to Lucy Frazer, the culture secretary, before the end of January.
The RedBird IMI deal has sparked opposition from Tory MPs and peers, including the former party leaders Lord Hague and Sir Iain Duncan Smith, who have argued that the UAE’s record on free speech and freedom of expression make the Abu Dhabi ruling family unfit owners of major British newspapers.
Sir Paul is expected to argue that case forcefully in a formal submission to Ofcom next week.
Getir, the grocery delivery app which this month confirmed plans to exit the UK, has an outstanding debt to Tottenham Hotspur Football Club running to millions of pounds.
Sky News understands that Turkey-based Getir, whose three-year training kit sponsorship deal with Spurs expired at the end of the Premier League season on Sunday, owes close to £5m to the club.
News of the outstanding debt comes as Getir tries to access a tranche of agreed funding from major investors Mubadala and G Squared to help facilitate its withdrawal from the UK, Germany and the Netherlands.
It was unclear this weekend whether the delivery app, which means “to bring” in Turkish, has the means to settle its financial obligations to Spurs.
The company once attained a valuation of almost £10bn, but has been forced by its deteriorating finances to retrench back to its home market, in the process axing thousands of jobs.
Its withdrawal from the UK has put about 1,500 jobs at risk, Sky News revealed earlier this month.
Companies such as Getir were big winners during the pandemic, attracting funding at astronomical valuations.
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Its decline highlights the slumping valuations of technology companies once-hailed as the new titans of food retailing.
Many of its rivals have already gone bust, while others have been swallowed up as part of a desperate wave of consolidation.
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Getir itself bought Gorillas in a $1.2bn stock-based deal that closed in December 2022.
Getir and Tottenham Hotspur both declined to comment.
Billionaire Sir Jim Ratcliffe has told Sky News that Britain is ready for a change of government after scolding the Conservatives over their handling of the economy and immigration after Brexit.
While insisting his petrochemicals conglomerate INEOS is apolitical, Sir Jim backed Brexit and spent last weekend with Labour leader Sir Keir Starmer at Manchester United – the football club he now runs as minority owner.
“I’m sure Keir will do a very good job at running the country – I have no questions about that,” Sir Jim said in an exclusive interview.
“There’s no question that the Conservatives have had a good run,” he added. “I think most of the country probably feels it’s time for a change. And I sort of get that, really.”
Sir Jim was a prominent backer of leaving the European Union in the 2016 referendum but now has issues with how Brexit was delivered by Tory prime ministers.
“Brexit sort of unfortunately didn’t turn out as people anticipated because… Brexit was largely about immigration,” Sir Jim said.
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“That was the biggest component of that vote. People were getting fed up with the influx of the city of Southampton coming in every year. I think last year it was two times Southampton.
“I mean, no small island like the UK could cope with vast numbers of people coming into the UK.
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“I mean, it just overburdens the National Health Service, the traffic service, the police, everybody.
“The country was designed for 55 or 60 million people and we’ve got 70 million people and all the services break down as a consequence.
“That’s what Brexit was all about and nobody’s implemented that. They just keep talking about it. But nothing’s been done, which is why I think we’ll finish up with the change of government.”
Prime Minister Rishi Sunak has indicated an election is due this year but Monaco-based Sir Jim is unimpressed by the Conservatives’ handling of the economy.
“The UK does need to get a bit sharper on the business front,” he said. “I think the biggest objective for the government is to create growth in the economy.
“There’s two parts of the economy, there’s the services side of the economy and there’s the manufacturing side. And the manufacturing, unfortunately, has been sliding away now for the last 25 years.
“We were very similar in scale to Germany probably 25 years ago.
“But today we’re just a fraction of where Germany is and I think that isn’t healthy for the British economy… particularly when you think the north of England is very manufacturing based, and that talks to things like energy competitiveness, it talks to things like, why do you put an immensely high tax on the North Sea?
“That just disincentivises people from finding hydrocarbons in the North Sea, in energy.
“And what we need is competitive energy. So I mean, in America, in the energy world, in the oil and gas world, they just apply a corporation tax to the oil and gas companies, which is about 30%. And in the UK we’ve got this tax of 75% because we want to kill off the oil and gas companies.
“But if we don’t have competitive energy, we’re not going to have a healthy manufacturing industry. And that just makes no sense to me at all. No.”
‘We’re apolitical’
Asked about INEOS donating to Labour, Sir Jim replied: “We’re apolitical, INEOS.
“We just want a successful manufacturing sector in the UK and we’ve talked to the government about that. It’s pretty clear about our views.”
Sir Jim was keener to talk about the economy and politics than his role at struggling Manchester United, which he bought a 27.7% stake in from the American Glazer family in February – giving him an even higher business profile.
Push for stadium of the North
He is continuing to push for public funds to regenerate Old Trafford and the surrounding areas despite no apparent political support being forthcoming. Sir Keir was hosted at the stadium for a Premier League match last weekend just as heavy rain exposed the fragility of the ageing venue.
“There’s a very good case, in my view, for having a stadium of the North, which would serve the northern part of the country in that arena of football,” Sir Jim said. “If you look at the number of Champions League the North West has won, it’s 10. London has won two.
“And yet everybody from the North has to get down to London to watch a big football match. And there should be one [a large stadium] in the North, in my view.
“But it’s also important for the southern side of Manchester, you know, to regenerate.
“It’s the sort of second capital of the country where the Industrial Revolution began.
“But if you have a regeneration project, you need a nucleus or a regeneration project and having that world-class stadium there, I think would provide the impetus to regenerate that region.”
Marks & Spencer’s website and app has not been working for several hours, with a message telling shoppers “you can’t shop with us right now”.
“We’re working hard to be back online as soon as possible,” it adds.
All the menus and images have disappeared apart from one showing a model in a green jacket.
Customers trying to use the app got the message: “Sorry you can’t shop through the app right now. We’re busy making some planned changes, but will be back soon.”
The site is understood to have been down for several hours.
Replying to one customer on X, the retailer said: “We’re experiencing some technical issues but we are working on it.”
The outage comes a few days before M&S is expected to reveal a big jump in annual profits.
It’s been a successful year for the brand, with strong sales across the business following a turnaround plan that has included store closures and cost cutting.