GB News To Axe 40 Jobs Amid Growing Financial Losses

In March, Ofcom ruled against specific episodes of a show hosted by MP Jacob Ress-Mogg . (Screengrab via GB News/YouTube)

GB News is cutting 40 jobs, nearly 14% of its workforce, amid growing financial losses, the broadcaster said in a company-wide announcement on Saturday.

The move follows a harrowing £42.4 million operating loss for the fiscal year ending May 2023, escalating from the previous year’s £30.7 million loss. The network is also facing increased scrutiny from media watchdog Ofcom, accused of multiple breaches of impartiality.

The layoffs are part of a broader strategy to stabilise the company while grappling with an advertiser boycott and difficulty retaining top talent. Employees opting for voluntary redundancy are being offered up to two months’ salary and possible additional compensation, amidst an atmosphere one employee described to Press Gazette as having a “real ‘last days of Saigon’ vibe.”

Speaking to peers sitting on the Lords Communications and Digital Committee in Match, CEO Angelos Frangopoulos said he was “very confident” about the company’s ability to achieve financial self-sufficiency but admitted “we have a lot of work to do.” In efforts to widen its financial net, GB News has expanded its digital footprint and launched a paid membership model, providing exclusive content and events.

Still, the redundancy drive comes as the network continues to enjoy robust backing from its parent company, All Perspectives Limited, which has poured £41 million into the venture this past year alone.