LONDON: UK television broadcaster Channel 4 has reported a 70% slide in 2006 profits to £14.5million ($28.8m; €21m), whilst extending its begging-bowl for more state subsidy to enable it to fulfil its public service remit.
The broadcaster, which is publicly-owned but commercially financed, says a fall in advertising revenues and increased spending on digital TV were to blame for the poor results.
Warned chairman Luke Johnson: "We may be faced with a stark choice. Either we will have to reduce our output of public service programming and focus more of our schedule on commercial programmes, or see Channel 4's finances continue to deteriorate."
Data sourced from BBC Online (UK); additional content by WARC staff