The ministers concluded, after consultation, that while the broadcaster was “currently performing well”, its public ownership “was holding it back in the face of a rapidly changing and competitive media landscape”, a government source said. A Channel 4 spokesman said he was “disappointed” with the decision, but would “continue to work” with the government on the process “to ensure that Channel 4 continues to play its unique role in its creative ecology and national life. Of Britain “. Use the Chrome browser for a more accessible video player 2:23 The government will consider selling Channel 4 The government has been promoting the idea of privatizing Channel 4 in recent months, and a government source said it was now “expected to go on sale”. It will be part of a package of public sector reforms expected to be outlined in the Queen’s speech next month. The broadcaster is state-owned but does not receive public funding, with more than 90% of its revenue coming from advertising. A government source said: “C4 is a great business with a strong brand built around it, it is creative, innovative and discreet, but a change of ownership will remove its veil, giving C4 the freedom to innovate and grow. so that it can bloom and thrive for a long time. the future and to support all of the UK’s creative industries “. But Labor Shadow Secretary Lucy Powell said: “The sale of Channel 4, which does not cost the taxpayer a penny anyway, to a foreign company that is likely to be cultural vandalism.” According to the government source, the ministers will seek to reinvest the proceeds from the sale in independent production and “equate wider creative skills in the country’s priority areas”. Channel 4 will remain a public service broadcaster and the government will ensure that it “continues to make a significant social, economic and cultural contribution to the UK”, including its commitment to first-hour news. Ministers believe that in order to compete with the growing power of American streaming giants such as Netflix, they must have more freedom to borrow money or raise money from the private sector in order to invest. Channel 4 said: “With more than 60,000 submissions to the government’s public consultation, it is disappointing that today’s announcement was made without officially acknowledging the significant public interest concerns that have been raised. “The proposal to privatize Channel 4 will require a lengthy legislative process and political debate. “Of course we will continue to deal with DCMS [department for digital, culture, media and sport]the government and parliament and we are doing everything we can to ensure that Channel 4 continues to play its unique role in the creative ecology and national life of Britain. “
