In other financial news, The Sunday Times reveals that Discovery, the grown-up broadcasters involved in the launch of GB News, lost £12m in getting out of their commitment in August. For the June 2021 launch, they invested £20m for a 25% stake, but only got £8m as they left - selling, presumably to the remaining stakeholders, Sir Paul Marshall and Legatum.
The deal suggests an overall market price for the channel at £32m. Also in August, GB News chairman Alan McCormick, also from Legatum, re-designated 62,500 ordinary shares as 'deferred shares', having no voting rights, no dividend rights, and no rights of redemption.
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