Initial audited figures reveal that Channel 4’s post-tax surplus fell to £20 million last year from £48.5 million in 2005, whilst advertising on the channel fell to about £665 million from £706 million over the same period.
Andy Duncan, chief executive of Channel 4, is reported by the Guardian that the corporation had frozen its £600 million budget in order to buy and commission shows.
Ofcom is expected to publish its initial report into Channel 4’s funding in March.