[Mr K]

GB News is to cut 40 jobs as the opinionated broadcaster battles to stem losses.

Staff were informed of the cuts at a company-wide meeting on Friday afternoon following previous warnings that a restructuring would lead to some employees losing their jobs.

Bosses are offering up to two months’ salary and a possible payment in lieu of notice to any workers willing to take voluntary redundancy.

The cutbacks, which represent roughly 14pc of GB News’s workforce, come after the company revealed its losses ballooned to £42.2m last year.

GB News’s wage bill surged from £12.7m to £21.2m in 2023 as it splashed out on salaries for high-profile presenters such as Nigel Farage and Sir Jacob Rees-Mogg. Overall headcount jumped from 175 to 295 last year.

Angelos Frangopoulos, chief executive of GB News, has admitted the channel is facing challenges to stem its growing losses, saying it needed to find “smarter routes to sustainability and profit”.

Appearing in front of MPs last month, the GB News boss said: “We’re very confident about the future of being self-sufficient financially, but we have a lot of work to do.”

GB News has been rocked by an advertising boycott since its launch in 2021, forcing it to explore ways to diversify its revenues away from ads.

https://www.telegraph.co.uk/business...oil-rate-cuts/