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Discovery exploring takeover bid for UK's Channel 4 - The Telegraph

Sat 31st July, 2021 11:02pm
July 31 (Reuters) - U.S.-based broadcaster Discovery Inc
 DISCA.O  is holding informal discussions about a potential
takeover bid for Britain's state-owned Channel 4 television
broadcaster, The Telegraph reported on Saturday.
    The potential bid process is being managed by UK Government
Investments, the paper reported https://www.telegraph.co.uk/business/2021/07/31/olympics-broadcaster-lines-bid-channel-4,
 adding that a deal was not expected to be completed until the
middle of next year.
    Discovery did not immediately respond to a request for
comment. 
    Britain's government on July 6 announced a consultation on
the sale of Channel 4, and it was considering changes to the
operating model of the broadcaster, including its ownership,
remit and obligations.  urn:newsml:reuters.com:*:nFWN2OI0V7
    The advertising-funded Channel 4, whose hit shows include
"The Great British Bake Off," was set up with a remit to provide
challenging and distinctive programming for audiences
under-served by traditional broadcasters.  urn:newsml:reuters.com:*:nL2N2O50AI
    Rival UK broadcasters ITV Plc  ITV.L  and Comcast's
 CMCSA.O  Sky are also exploring a bid for Channel 4, Telegraph
reported.
    In its 2020 annual report, Channel 4 said its revenues were
934 million pounds, down 5% from 2019, with a pre-tax surplus of
74 million pounds, the highest in its 38-year history. Viewing
share for its TV channel portfolio rose 2% to 10.1%, its first
year-on-year increase since 2011. It set a target of doubling
viewing by 2025. 

 (Reporting by Derek Francis in Bengaluru; Editing by Cynthia
Osterman)
 ((derek.francis@thomsonreuters.com; +91-9986311363 and
@derekfrancis089 on Twitter;))
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