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Funding for GB News ‘significantly oversubscribed’

Broadcaster may decide to raise more than the initial £60 million target.

The initial £60 million in funding for the launch of news channel GB News is said to be “significantly oversubscribed” as the channel prepares to launch in 2021.

According to Sky News, final decisions about the company’s shareholder base have not yet been taken.

Discovery was announced as an investor in September, with the broadcaster believed to have committed £20 million to fund its launch. The report quotes an insider as saying GB News may decide to raise more than its initial £60 million target.

The new 24-hour channel is described as a right-leaning channel which will aim to take on the likes of BBC, ITN and Sky News.

Andrew Neil will serve as GB News’ chairman, while Andrew Cole and Mark Schneider are the channel’s co-founders.