Government hires JP Morgan to advise on potential sale of Channel 4

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The government has hired US banking giant JP Morgan to advise on the future of Channel 4, as ministers consider putting the publicly-owned broadcaster up for sale.

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A 10-week public consultation into a possible privatization of Channel 4, ordered by Culture Secretary Oliver Dowden in June, kicks off on Tuesday night.

The Wall Street giant has been drafted to provide corporate financial advice and analysis to ministers as they consider responses, Granthshala understands.

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Labor’s former shadow culture secretary Tracy Brabin accused the government of bringing a “wrecking ball” before the end of the consultation, while her successor, Joe Stevens, alleged the process was a “sham”.

The appointment has yet to be officially confirmed by the Department for Media, Culture and Sport, but an announcement could come as early as Wednesday.

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Founded in 1982 under Margaret Thatcher’s government to offer a cultural alternative to the BBC, Channel 4 was built on a unique model, in that it is owned by the government, but receives its funding mainly from advertising. Is.

In addition to significant digital growth, despite recording a record financial surplus of £74 million at the end of 2020, Mr Dowden argued in June that privatization ensures Channel 4 “keeps its place at the heart of British broadcasting” and ” secures its future as a “successful and sustainable public service broadcaster”.

The network’s possible privatization was announced as part of a plan to “make the media landscape fit for the 21st century”, with Mr Dowden setting fairness and accuracy rules for video-on-demand services such as Netflix and Amazon Prime. But strict regulation was also planned. “So public service broadcasters can compete with international rivals”.

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Credit: www.independent.co.uk /

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