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Warner Bros Discovery sells stake in GB News

The stake has been sold to existing backers Legatum Ventures Limited and Sir Paul Marshall

Warner Bros Discovery has sold its stake in GB News to existing backers Legatum Ventures Limited and Sir Paul Marshall.

“Following the merger between Discovery and WarnerMedia earlier this year, our portfolio now includes several wholly owned news brands including CNN Worldwide, TVN Group in Poland and Newshub in New Zealand,” said Warner Bros Discovery in a statement.

“In light of this, and our continued evaluation of our global and local investment portfolio, we have exited our investment in GB News and are no longer shareholders.”

GB News co-founders, Andrew Cole and Mark Schneider, have resigned as directors after Legatum and Marshall bought their shareholdings.  

The broadcaster’s executive officer Angelos Frangopoulos said: “As our original investor, Discovery Inc. was first to see the  importance of a new voice in British news broadcasting.

“We’re enormously grateful to Warner Bros Discovery for its support and wisdom throughout our start-up phase. We part as friends, and it’s been great to work with them.”

Frangopoulos added that the investment from Legatum Ventures and Marshall will see the broadcaster invest “more deeply” in a number of areas, including its technology and studio.