Sir Paul Marshall To Quit Board At GB News Parent Company

Paul Marshall, CIO and Chairman, Marshall Wace, at the Global Hong Kong Global Financial Leaders Investment Summit on October 8, 2023 in Hong Kong, China. (Photo by Vernon Yuen/NurPhoto via AP)

Sir Paul Marshall, the high-profile hedge fund manager and key financial backer at GB News, is poised to resign from the board at the network’s parent company as he eyes a fresh bid to secure ownership of The Daily Telegraph.

Sky News reported on Thursday that Marshall’s departure comes while GB News braces for a new round of layoffs amid ongoing financial struggles.

A source close to Marshall told Sky News that no decision had been taken and he may stay on the board.

Marshall, the largest shareholder in the channel through his role at All Perspectives, has injected substantial funds into GB News since its inception. It’s reported that Marshall will step aside for Conservative peer Lord Agnew, chair at Unherd Ventures, to possibly fill his seat.

The shake up at GB News comes after the network reported a pre-tax loss of £42.4 million this year, a significant increase from the previous year’s £30.8 million losses.

In addition to its financial difficulties, the channel has drawn increased scrutiny and regulatory disputes with media watchdog Ofcom over its Tory politician-rostered shows.

Marshall’s departure is set to coincide with the potential auction of The Daily Telegraph and Spectator, after a bid by RedBird IMI, led by former CNN chief Jeff Zucker and backed by Abu Dhabi royal Sheikh Mansour bin Zayed Al Nahyan, was blocked by the UK government and pending legislation that would ban majority foreign ownership of media assets.