It has emerged that a prominent hedge fund manager is planning to invest millions of pounds into the fledgeling current affairs broadcasting company GB News which is planning to launch this year. UNN’s Oliver Down understands that Sir Paul Marshall, who is the co-founder of Marshall Wace and donor to the Vote Leave campaign, is in advanced talks about investing approximately £10m into GB News.
It is expected that an announcement about the new channel’s fundraising will be made in the coming days once it’s line-up of founding shareholders is finalised. The network is looking to raise around £60 million of funding. This would give them the firepower to challenge Sky News and other established mainstream media organisations by providing an alternative approach to news and current affairs broadcasting in the UK.
GB News has already appointed Andrew Neil as its chairman. Mr Neil has described GB News as “the most exciting thing to happen in British television news for more than 20 years”. Sir Paul is understood to have lined up his investment in a personal capacity and not through his company. According to the latest Sunday Times Rich List Sir Paul is said to have a fortune worth £630m which makes him one of the City’s richest individuals.
Back in 2010, Sir Paul was one of the ‘Red Knights’ who drew up plans in 2010, which were later abandoned, to mount a takeover bid for Manchester United and acquire it from the Glazer family. Sir Paul Marshall’s spokesman is currently declining to comment on the latest reports.
Current Affairs Correspondent | My name is Oliver Down I am 22, and a staunch brexiteer. I am a Bristolian lad who studied politics in Leicester. I believe in free speech and accurate journalism and I won’t be afraid to give you “the other side” of the story!
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