Discovery exploring takeover bid for UK’s Channel 4


© Reuters. FILE PHOTO: A employee is seen taking an elevator on the Channel 4 tv channel places of work in London, Britain, June 23, 2021. REUTERS/Toby Melville


(Reuters) – U.S.-based broadcaster Discovery (NASDAQ:) Inc is holding casual discussions a few potential takeover bid for Britain’s state-owned Channel 4 tv broadcaster, The Telegraph reported on Saturday.

The potential bid course of is being managed by UK Authorities Investments, the paper reported, including {that a} deal was not anticipated to be accomplished till the center of subsequent 12 months.

Discovery didn’t instantly reply to a request for remark.

Britain’s authorities on July 6 introduced a session on the sale of Channel 4, and it was contemplating modifications to the working mannequin of the broadcaster, together with its possession, remit and obligations.

The advertising-funded Channel 4, whose hit reveals embrace “The Nice British Bake Off,” was arrange with a remit to offer difficult and distinctive programming for audiences under-served by conventional broadcasters.

Rival UK broadcasters ITV (LON:) Plc and Comcast (NASDAQ:)’s Sky are additionally exploring a bid for Channel 4, Telegraph reported.

In its 2020 annual report, Channel 4 mentioned its revenues had been 934 million kilos, down 5% from 2019, with a pre-tax surplus of 74 million kilos, the very best in its 38-year historical past. Viewing share for its TV channel portfolio rose 2% to 10.1%, its first year-on-year enhance since 2011. It set a goal of doubling viewing by 2025.

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