GB News is grappling with a flurry of setbacks including plunging losses, a swathe of ongoing Ofcom investigations and a hefty wage bill.
Losses at the right-leaning broadcaster plunged to £42.2m in 2023, down from £30.7m in the previous year, according to new accounts filed on Companies House.
With a roster of politicians such as Nigel Farage, Jacob Rees Mogg and Boris Johnson on its books, GB News’ wage bill soared to £21.2m last year, from £12.7m in 2022 as the average number of monthly employees rose to 295, up from 175 in 2022.
In brighter news for the current affairs channel, revenue grew to £6.7m from £3.6m in the previous year thanks to stronger digital and advertising streams and following the launch of GB News’ radio service in 2022.
Johnson, who was tapped to join GB News radio in December, is a presenter, programme maker and commentator. Farage presents a daily primetime show on the channel, while Rees Mogg hosts a State of the Nation programme.
According to recent RAJAR figures, Farage dominated the 7pm to 8pm slot in the most recent quarter so much that he matched the combined total average audience of talkRADIO, LBC News and Times Radio.
On Monday, communications regulator Ofcom found an episode of Dan Wootton Tonight on GB News to have breached broadcasting rules, prompting thousands of complaints. Currently, Ofcom is pursuing 13 open investigations into the broadcaster.
It comes amid reports that All Perspectives Limited, the parent company of GB News, is eyeing a fundraising round worth £30m, amid ballooning debts which nearly doubled to £83.8m in the past year.
Existing investment is led by hedge fund billionaire Sir Paul Marshall, who GB News approached for more money in 2022 after US giant Warner Bros. Discovery ditched a 25 per cent stake in the company.