GB News chief executive Angelos Frangopoulos has announced a redundancy round at the opinion-led broadcaster, seeking to cut 40 roles.
It is the first major round of cuts at GB News, whose most recent accounts, covering the year to May 2023, showed an operating loss of £42.4m.
Frangopoulos announced the redundancy round at a town hall on Friday afternoon. Staff were informed at another town hall last week that forthcoming changes at the business may result in the cutting of some roles.
The business is currently appealing for staff open to taking voluntary redundancy to come forward, offering up to two months’ salary and possible payment in lieu of notice as enticement.
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One staffer at the channel told Press Gazette there was “a real ‘last days of Saigon’ vibe in the office right now”.
A GB News spokesperson declined to comment.
Frangopoulos told the Lords Communications and Digital Committee last month that he was “very confident” GB News could become self-sufficient financially, “but we have a lot of work to do”.
The most recent company accounts for GB News put its staff headcount at an average of 295 across the year, up from 175 in the 2021/22 financial year.
A 40-person reduction would be equivalent to a 14% cut if the 295 figure remains correct.
GB News has faced a partial advertiser boycott since it first launched in August 2021. In November it created a paid membership scheme for the first time, promising members access to exclusive commentary from presenters, behind the scenes footage and access to events.
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