GB NEWS secured £60m in investment yesterday in a new ownership arrangement after Warner Bros Discovery dumped its hefty stake in the firm.

The US entertainment giant was bought out by Sir Paul Marshall and investment giant The Legatum Group in a deal that GB News chief exec Angelos Frangopoulos said would give the channel "financial muscle" to build for the long term in a competitive market.

GB News co-founders Andrew Cole and Mark Schneider also resigned as company directors.

Warner Bros Discovery said the decision to sell its shareholding was part of continued evaluation of its investments after the merger, a move that brought several wholly owned news assets, including CNN Worldwide, into its portfolio.

However, the announcement comes as the news channel, which employs around 200 journalists, struggles to crack the mainstream audience.

According to the Broadcasters' Audience Research Board, the TV channel reaches around two million people each month, compared to BBC News Channel's 15.9m and Sky News' 10.9m.

Nigel Farage, Mailonline columnist Dan Wootton, and former ITV presenter Alastair Stewart all regularly feature on GB News.

(c) 2022 City A.M., source Newspaper