Broadcaster’s former chair reportedly interested in an acquisition via media network Miroma
A company chaired by Michael Grade has emerged as a potential bidder for Channel 4.
The Sunday Times reported that Miroma, the advertising and marketing network Grade chairs, is considering buying C4 if the government pushes ahead with its sale plans.
Miroma, which is run by chief exec Marc Boyan, has appointed bankers Rothschild to help with the process, according to the newspaper.
Lord Grade, who is part of the government’s Future of PSB advisory committee, told the House of Lords Communications and Digital Committee inquiry earlier this month that the “status quo” is not an option for the “minnow” C4.
“It is time to change C4 before it falls over and succumbs to the inevitable decline,” he said. “In its present shape it doesn’t have the scale or flexibility and is in a straitjacket of regulation and statutes.”
He added that independent producers do not require protection from it because “there are a million buyers out there [for them]”. “
“C4 needs to be able to own IP and gain scale but everything in is constitution is against that and it will therefore really begin to struggle in a very short time.”
Grade was chief exec of C4 for nine years from 1988, before subsequently becoming chair of the BBC and then ITV – a role he held until 2009.
Separately the Sunday Times reported that ITV has appointed bank Credit Suisse and advisory firm Robey Warshaw to assist with its assessment of C4 and any potential bid.
Last week, newly-appointed culture minster Julia Lopez appeared to have handed the prospects of ITV and ViacomCBS a boost when she appeared in front of the Lords committee.
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