U.K. Broadcaster Channel 4 to be Privatized by U.K. Government

variety.com:

Naman Ramachandran The proposed privatization of U.K. broadcaster Channel 4 could become a reality by the spring of 2023 as the government has decided to go ahead with the process.

The asking price for bidders could be in the range of £1 billion ($1.3 billion).The privatization was proposed last year and has gone through an industry consultation process. “With over 60,000 submissions to the government’s public consultation, it is disappointing that today’s announcement has been made without formally recognizing the significant public interest concerns which have been raised,” Channel 4 said in a statement provided to Variety. “Channel 4 has engaged in good faith with the government throughout the consultation process, demonstrating how it can continue to commission much-loved programs from the independent sector across the U.K.

that represent and celebrate every aspect of British life as well as increase its contribution to society, while maintaining ownership by the public.” “Recently, Channel 4 presented DCMS [Department for Digital, Culture, Media & Sport] with a real alternative to privatization that would safeguard its future financial stability, allowing it to do significantly more for the British public, the creative industries and the economy, particularly outside London.

This is particularly important given that the organization is only two years into a significant commitment to drive up its impact in the U.K.’s Nations and Regions,” the statement added.“Channel 4 remains legally committed to its unique public-service remit.