UK Broadcaster Channel 4 will be privatized by the UK Government

The proposed privatization of UK broadcaster Channel 4 could become a reality by the spring of 2023 as the government decides to move forward with this process. The asking price for bidders could be between £ 1 billion ($ 1.3 billion).

Privatization was proposed last year and it has gone through an industrial consultation process.

“With the government submitting more than 60,000 public consultations, it is disappointing that today’s announcement is made without formally acknowledging the public interest concerns that have been raised,” Channel 4 said in a statement. Diversity. “Channel 4 is committed to the Government in good faith throughout the consultation process, showing how it can launch many favorite programs from independent sectors across the UK that represent and celebrate every aspect of British life as well as enhance its contribution to society and the public.” Maintaining ownership. ”

“Recently, Channel 4 introduced DCMS [Department for Digital, Culture, Media & Sport] With a real alternative to privatization that would preserve its future financial stability, it would allow the British public, the creative industry and the economy to do significantly more, especially outside of London. This is particularly important given that the organization has only two years left in a significant commitment to drive its influence across the UK’s nations and territories, “the statement added.

“Channel 4 is legally committed to its unique public-service remittance. The focus of the agency will be on how we can ensure that we can provide remittances to both our viewers and the British creative economy across the UK. Proposing the privatization of Channel 4 will require a lengthy legal process and political debate. We must engage with DCMS, the Government and Parliament, and we will do our best to ensure that Channel 4 continues to play its unique role in the creative ecology and national life of the UK, “the statement concluded.

Details of the sale will be released in May during the Queen’s speech.

“C4 is a great business with a strong brand built around it that is creative, innovative and unique but the change of ownership will take away its straightjacket, giving C4 the freedom to innovate and grow so that it can be sustainable and prosperous in the future. The whole of the UK is a creative industry, “The Telegraph reported, citing a UK government source. “Ministers will want to reinvest the sales proceeds. They want to use the cash from sales to spend on a ‘creative dividend’ – investing in independent production and leveling out creative skills across priority areas of the country.

“The C4 will be a public service broadcaster – just like ITV is a privately owned PSB – and we will ensure that it continues to make a significant social, economic and cultural contribution to the UK.

Channel 4 was founded in 1982 and is funded by advertising. It was set up with a leading supporter of independent production companies in the UK sending it to the champion Unheard Voice; Take risks of innovation and daring creativity; To inspire change; And stand up for diversity across the UK

ITN, Discovery, Sky, Paramount, Amazon and Netflix are among those who can bid for Channel 4.

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