Marshall, suitor of Telegraph, to resign from board of GB News owner | Business News

Sir Paul Marshall, the hedge fund tycoon and co-founder of Marshall Wace, is reportedly preparing to step down from the board of GB News’ parent company, All Perspectives. This move comes as Sir Paul sets his sights on a renewed bid to acquire The Daily Telegraph.

According to Sky News, Sir Paul, who is the largest shareholder in the television news channel, is expected to hand over his board seat to Lord Agnew, the chair of UnHerd Ventures, a vehicle he financially supports. While a source close to Sir Paul mentioned that no final decision has been made, the timing of his potential exit from the board is significant, coinciding with the launch of a second auction for two of Britain’s most influential newspaper titles.

Sir Paul was previously a bidder for The Daily Telegraph last autumn but was outbid by RedBird IMI. The government’s subsequent decision to block ownership of UK newspapers by investors connected to foreign states has led to a new auction process, in which Sir Paul is likely to participate.

Meanwhile, GB News is preparing for a corporate reorganization that may involve unspecified job cuts. Despite recent audience growth, the channel remains heavily lossmaking, with a pre-tax loss of £42.4m in its latest financial year. Sir Paul has been a significant financial supporter of GB News since its launch in 2021.

The potential board changes at All Perspectives and the impending job cuts at GB News mark a period of transition for the media company as it navigates financial challenges and regulatory scrutiny. Spokespeople for GB News and Sir Paul Marshall declined to comment on the matter.