Mon 15 Jan 2007
EveningNews
CHANNEL 4's profits have slipped by 70 per cent over the last year following a period of heavy investment in digital channels and a dip in advertising revenues.
Initial figures show pre-tax profits will come in at around £20 million - down from £66.8m last year. The broadcaster is expected to freeze its commissioning budget this year, which could hamper its ability to hold on to audience -pleasing formats such as Big Brother and high-rating drama series such as Shameless.
Channel 4 chief executive Andy Duncan said a move in advertising revenues from TV to online media had blighted the firm's fortunes, combined with a £34m loss in digital channels E4 and More4.
