Struggling London Live TV channel will be forced to ask the owner Evgeny Lebedev for more cash after posting another year of loss.
The owner of estv TV company showed a pre-tax loss of £3.5 million for the year, from September 2017, and said that he needed more funding to stay afloat “in the foreseeable future” because its finances remain in the red.
This news comes after reports that Mr. Lebedev had been in contact with regional rivals have done television and some of the major broadcasters about the sale or merger of loss-making channel.
Mr. Lebedev hired the former Chancellor George Osborne to edit the Evening Standard
Media Mogul, who also owns the London “evening standard” newspaper and the independent, has launched a living in London four years ago, amid a government push to encourage the establishment of independent regional broadcasters. However, the channel that shows a mix of news, lifestyle and fictional programmes with a focus on the capital, struggling to attract a large audience.
She averaged 172 000 people a day during the week of June 18-24, according to the research Council of the broadcasters audience less than 0.3 PC of the total audience.
Said estv relaxation burdensome ofcom rules that require a certain amount of news and programs of local production gave them more flexibility to reduce costs, which enables you to narrow losses from 4.5 million pounds a year earlier. Audience increased by 2pc year on year, despite an industry-wide drop of 0.2 PC, increasing revenue by 14pc hole saw up to £4.2 m.
Press Secretary says he was “a very difficult market for local broadcasters”.
Last month it turned out, the evening Standard fell to £10m loss after Mr. Lebedev hired George Osborne, a former Finance Minister, as its editor.