The new "boldly different" news channel GB News has confirmed that it has secured the funding necessary in order to launch in the UK this year.
The new service aims to offer a different approach to news coverage than incumbents such as Sky News and the BBC News channel, with a heavy emphasis on the issues that affect communities outside of London and other major cities.
Discovery had provided around a third of the £60 million required to get the venture off the ground and now the fledgling broadcaster has announced that investment firm Legatum and businessman Sir Paul Marshall have contributed the remainder.
As a result, GB News chairman Andrew Neil is able to proceed immediately with plans to hire 140 staff, including 120 journalists.
"We're thrilled to have such a broad range of high-calibre investors who share our belief that many British people are crying out for a news service that is more diverse and more representative of their values and concerns," said Neil, who will present a nightly primetime show on the network.
"GB News is a massive undertaking in a fiercely competitive market but we're confident there's an appetite for a fresh approach to news in Britain, Northern Ireland and the Republic of Ireland."
CEO Angelos Frangopoulos added: "This is a significant investment in British journalism at a time when it's needed most.
"GB News will be proudly independent and fearless in tackling the issues people care about, especially in communities outside London. We are now building a superb team who are as passionate as we are about shaking things up and really connecting with viewers."
The station, which is expected to launch in the first half of this year, has also confirmed that it will be available through Freeview, Sky, Virgin Media, YouView and Freesat.