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London Live TV channel in need of cash to stay afloat

Struggling TV channel London Live will be forced to ask owner Evgeny Lebedev for more cash after posting another year of losses.
The broadcaster’s owner ESTV revealed a pre-tax loss of ?3.5m for the year to September 2017 and said it would need extra funding to stay afloat “for the foreseeable future” because its finances remain in the red.
The news comes after reports that Mr Lebedev was in touch with regional rivals Made TV and That’s TV and some larger broadcasters about a sale or merger of the loss-making channel.
London Live TV channel in need of cash to stay afloat

Mr Lebedev hired former chancellor George Osborne to edit the Evening Standard
The media tycoon, who also owns the London Evening Standard newspaper and The Independent, launched London Live four years ago amid a government push to encourage the establishment of independent regional broadcasters. However, the channel, which shows a mix of news, lifestyle and fictional programmes focused on the capital, has struggled to attract a big audience.
It reached an average of 172,000 people per day in the week June 18-24, ­according to figures from the Broadcasters’ Audience Research Board, less than 0.3pc of the total available viewership.
ESTV said a relaxation of onerous ­Ofcom rules that demand a certain amount of live news and locally produced programmes had given it more flexibility to reduce costs, allowing it to narrow losses from ?4.5m the year ­before. Audience figures grew by 2pc year on year despite an industry-wide drop of 0.2pc, boosting revenues by 14pc to ?4.2m.
A spokesman said that it had been “a highly challenging market for local TV broadcasters”.
Last month it emerged the Evening Standard had fallen to a ?10m loss after Mr Lebedev hired George Osborne, the former chancellor of the exchequer, as its editor.
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