Fox said that the party - provisionally called “Reclaim” - would provide a platform for those “tired of being told that we represent the very thing we have, in history, stood together against”.
A source close to Fox said it had been a ‘very difficult period for him and his family’.
The actor was heavily criticised after responding to claims that the media’s treatment of the Duchess of Sussex amounted to ‘racism’.
Under cross-examination Fox suggested there were contexts in which the phrase "I hate black people" was not racist.
The political journalist said she was ‘deeply embarrassed’ by the comments made by actor-turned-politician Laurence Fox.
The former actor turned politician was suspended from the channel over comments he made about a female journalist.
On Wednesday morning, Wootton apologised for a “very unfortunate lapse in judgment” in a follow-up post to an earlier apology.
Laurence Fox and Dan Wootton have both being given their marching orders by GB News after crude comments made towards a female journalist.
It comes after Laurence Fox revealed a text exchange that called into question the sincerity of Wootton's mea culpa.