ITV, Amazon and Netflix 'among those in the running to buy £1bn Channel 4'

The Government has announced plans to go ahead with a controversial privatisation of the channel, which has its regional headquarters in Leeds. It is believed a sale could raise over £1bn.

The Daily Telegraph reported: "ITV is understood to be keen on a takeover, while Discovery has held informal talks. Sky, Channel 5 owner Paramount and even Amazon and Netflix could explore bids. Rupert Murdoch has also previously been linked to a possible bid for the channel."

It was suggested in October that a sale of the station could raise £1.2bn.

Ministers have said they will seek to reinvest the proceeds into the creative industries.

The DCMS has said further details of how the privatisation process will progress will be announced “shortly”.

Channel 4 chief executive Alex Mahon said “there will now be a long process ahead”, writing to staff in an internal email on Monday that it could take 18 months or more for the required legislation to pass through the House of Commons and then Lords.

“During that time, we’ll continue to work with DCMS and Government, and with our supporters across the industry to make the arguments to ensure that Channel 4 can continue to deliver its remit,” she said.

Plans for the sale will be set out in a White Paper later in April and will be included in a new Media Bill for spring 2023, according to reports.

Bids for the broadcaster are expected to come in next year with a view to complete the sale in early 2024, ahead of the next general election expected at latest in May that year, the Daily Telegraph reported.

The Government has argued that Channel 4’s long-term future needs to be secured amid concerns for its survival in the streaming era.

A statement by the Department for Digital, Culture, Media & Sport (DCMS) said it had made the decision to allow the channel to “thrive in the face of a rapidly-changing media landscape” while a Government source said the move would “remove Channel 4’s straitjacket”.

Culture Secretary Nadine Dorries added in a tweet that she wanted the broadcaster to remain a “cherished place in British life”, but felt that Government ownership was “holding Channel 4 back from competing against streaming giants like Netflix and Amazon”.

She said: “I will seek to reinvest the proceeds of the sale into levelling up the creative sector, putting money into independent production and creative skills in priority parts of the country – delivering a creative dividend for all.”

But Channel 4, which was founded in 1982 to deliver to under-served audiences and is receives its funding from advertisers, has said it is "disappointed" with the decision and does not believe the move is necessary.

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