Culture secretary Nadine Dorries has confirmed that the government is pressing ahead with plans to privatise Channel 4.
The broadcaster launched in 1982 and has a unique operating model whereby it is publicly owned but commercially funded, with all profits being reinvested into new programming from the independent production sector.
Last year Dorries launched a consultation into the future of the broadcaster and has now concluded that it is being 'held back' from competing against subscription streaming services.
Announcing her decision on Twitter, she said: "Channel 4 rightly holds a cherished place in British life and I want that to remain the case. I have come to the conclusion that government ownership is holding Channel 4 back from competing against streaming giants like Netflix and Amazon.
"A change of ownership will give Channel 4 the tools and freedom to flourish and thrive as a public service broadcaster long into the future. I will set out the future plan for Channel 4 in a White Paper in due course.
"Proceeds from C4 sale will be invested in left behind areas investing in indies and creative skills desperately needed in our rapidly growing creative industries. We made more films here in last Q 2021 than Hollywood, many more studios opening. Funding creative skills is key."
The highly-contentious decision is likely to raise around £1 billion, although the sale process is expected to take around 18 months.
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