Warner Bros Discovery Inc (NASDAQ: WBD) on Thursday said it has sold its stake in British television startup GB News in a £60 million fundraising round.
In the ownership shake-up, co-founders Andrew Cole and Mark Schneider resigned as company directors and agreed to sell their stakes. The loss-making television channel has tapped hedge fund manager Paul Marshall and investment group Legatum, who bought the holdings.
US media giant said its decision to leave GB News was due to a rationalization of its portfolio following the merger of Discovery and WarnerMedia.
“Following the merger between Discovery and WarnerMedia earlier this year, our portfolio now includes several wholly owned news brands, including CNN Worldwide, TVN Group in Poland and Newshub in New Zealand,” WBD said.
“In light of this, and our continued evaluation of our global and local investment portfolio, we have exited our investment in GB News and are no longer shareholders.”
Picture Credit: Deadline
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