Discovery acquires Channel 4 in the UK


© Reuters. File photo: On June 23, 2021, a worker rides an elevator at the Channel 4 TV office in London, England. REUTERS/Toby Melville


(Reuters)-According to a report from the Daily Telegraph on Saturday, the US-based broadcaster Discovery (NASDAQ:) Inc is in informal discussions about a potential acquisition offer for the British state-owned Channel 4 television broadcaster.

The potential bidding process is managed by the British government investment, the document reports, adding that the transaction is expected It will not be completed until the middle of next year.

Discovery did not immediately respond to a request for comment.

The British government announced on July 6 that it would negotiate the sale of Channel 4 and is considering changing the broadcaster’s operating model, including its ownership, terms of reference and obligations.

Channel 4, funded by advertising, has popular programs including “The Great British Bake Off”, which was set up to provide challenging and unique programs for underserved audiences by traditional broadcasters.

Competitor BBC Independent television (London:) Plc and Comcast (Nasdaq:) Sky are also exploring bidding for Channel 4, the Telegraph reports.

Channel 4 stated in its 2020 annual report that its revenue was 934 million pounds, down 5% from 2019, and its pre-tax surplus was 74 million pounds, the highest level in its 38-year history. The viewership share of its TV channel portfolio increased by 2% to 10.1%, which was the first year-on-year increase since 2011. It has set a goal of doubling the ratings by 2025.

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