Sir Paul Marshall is stepping down from the board of GB News after three years, amid reports the hedge fund manager is considering a new rival bid to buy the Daily Telegraph.
His resignation coincides with the appointment of politician and businessman Lord Theodore Agnew as the new director of its owner, All Perspectives.
Sir Paul, who was an early investor in the news channel, said: “I joined as a director for the start-up phase but now GB News is on a secure growth trajectory, I want to focus on my other business and philanthropic interests.
“I remain very engaged as a co-lead investor.”
Sir Paul was among a raft of potential bidders for the Telegraph newspapers last autumn, until Abu Dhabi-backed investment fund RedBird IMI said it had struck a deal to take control of the business.
But the takeover is at risk of collapse after criticism from politicians and industry bosses over the link to foreign governments.
The hedge fund millionaire’s decision to resign from the GB News board comes as other potential bidders, including regional newspaper group National World, have renewed their interest in buying the Telegraph.
Meanwhile, new director Lord Agnew said he had “watched and admired the dramatic growth of GB News across its platforms” and was looking forward to “encouraging the company on its journey”.
He is a former Treasury and Cabinet Office minister, and has sat in the House of Lords as a Conservative life peer since 2017.
“GB News is a business with huge opportunity as the industry undergoes a digital transformation across existing and emerging platforms,” he said.
Last month, the broadcaster said its audience figures had ballooned, especially online where page fields increased more than fivefold.
However, it said its pre-tax loss had widened to £42 million in the year to the end of May 2023.
It is despite getting investment of more than £40 million from its owner All Perspectives during the year, backed by investors including Sir Marshall.
