News channel GB News to receive generous financial investments from a number of business interests.
In a move many will see as a validation of the rise of new alternative media sources, GB News has received huge financial investment from a number of groups.
The company is set to make an announcement about its fundraising after its founding shareholders are finalised.
Currently, Discovery is investing between £20m-£60m into GB News, making them the lead investor and giving them a large minority stake in the company.
GB News was originally looking to raise between £55m-£65m, but due to renewed interest in the news channel, insiders say the budget could be increased.
The Legatum Group, which also run Legatum Capital (their investment arm) and Legatum Institute (their think tank), as well as two charity funds, are in talks to invest a substantial sum of money into the fledgling news service.
The group, based in Dubai, was founded in 2007 by Christopher Chandler. After supporting Brexit in 2016, they are now in discussions with the news executives to invest £20m into the project.
The billionaire Reuben family, worth £16bn, is also looking to invest between £10m-£20m into GB News. High demand, however, could mean that the family are rejected as shareholders.
Major City hedge fund manager Sir Paul Marshall is close to securing a deal with GB News worth £10m.
Sir Paul, who co-founded Marshall Wace and donated to Vote Leave during the referendum campaign in 2016, is rumoured to be using his personal wealth in this agreement. He would reportedly join Legatum if the deal fails.
These investments strengthen GB News financially, raising their confidence and ability to challenge mainstream media while still being in development.
