The U.K. government has confirmed that Channel 4 will not be sold, instead opting for a series of reforms to help the broadcaster compete in the streaming age.
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Channel 4 delivered its highest-ever revenues in 2021, topping £1 billion ($1.2 billion) for the first time in its history, with a pre-tax surplus of £101 million ($120 million).
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Channel 4 has unveiled an alternative to the government's privatization plan that includes leveraging private capital and the launch of a new international streaming service.
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Channel 4 CEO Alex Mahon has set out a new six-point commitment to be a driver of anti-racism in the industry and improve black and minority ethnic representation.
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Channel 4 is expecting to reduce its content budget by £150 million, with a further £95 million in cost-savings across the organization, as it looks to weather the financial impact of the COVID-19 pandemic.
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Channel 4 has released its 2018 financials, showing improved revenues of £975 million ($1.2 billion), and has announced a new Terms of Trade agreement with Pact to ensure that both organizations are "fit for purpose to operate in the digital era," Chief Executive Alex Mahon said.
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At the RTS London Conference, Alex Mahon, chief executive of Channel 4, took part in a Q&A session with chair Tim Hincks, co-CEO of Expectation.
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The chief executive of Channel 4 talks about how she is encouraging the programming teams to take risks, focus on innovative shows and invest more in the All 4 on-demand service.
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Delivering a MIPFormats keynote this weekend, Channel 4 CEO Alex Mahon emphasized the need for innovation and risk-taking in the non-scripted entertainment sector.
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Channel 4 is planning to increase its Nations & Regions content spend, from 35 percent to 50 percent of the main channel U.K. commissions by 2023, and will be establishing a new National HQ outside of London.
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